Minister of Information and Culture, Lai Mohammed, has insisted that the present administration under President Muhammadu Buhari is borrowing to build world-class infrastructure that will benefit generations of Nigerians.
The minister spoke in Borno State on Thursday at a town hall meeting with Prof. Babagana Zulum and stakeholders.
Mohammed explained that the Buhari administration is not borrowing for recurrent expenditure or to pay salaries.
Recall that Buhari had a few days ago written to the National Assembly to approve another $4 billion and €710 million external loans.
The president’s request was contained in a letter addressed to Senate President Ahmad Lawan and read at plenary on Wednesday.
Buhari said the proposed loan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.
Buhari noted that the loan, if approved, would enable the Federal Government to fund critical infrastructural projects in different sectors across the country.
