The lawmaker representing Ondo South in the National Assembly, Jimoh Ibrahim, has defended the Federal Government’s planned borrowings.
Ibrahim stated the present administration should borrow what he described as ‘Good money’.
“To be realistic, you need to borrow good money, not all these $2 billion,” he stated.
At the point when requested his definition of ‘good money’, the lawmaker expressed: “Anything above $50 billion.”
“You can raise bonds. On the off chance that Mr President chooses to visit the US and send off the country bond at 10 years at 10%, you will get a $100 billion.”
President Bola Tinubu has requested the Red Chamber to endorse a new N1.767trn external borrowing plan to support of the 2024 Budget.
The president passed his solicitation in a letter composed to Red Chamber President Godswill Akpabio and Speaker of the Green Chamber, Tajudeen Abbas. He said if endorsed, the loan would be utilized to fund the N9.7trn deficit in the 2024 budget.
The legislator encouraged Tinubu to guarantee that the borrowings would be channeled towards infrastructural projects.
He referred to Dubai, in the United Arab Emirates (UAE) as an instance, saying the Middle East nation borrowed a $168 billion loan that was directed into the travel industry, innovation, and technology.
“Everyone wants to go to Dubai. Where did Dubai get the money from? Dubai got the money by borrowing $168 billion and channeled it for infrastructural development in such a way that you can have the quantity of people going to Dubai today and the quantity of dollars that they go with is enormous.
“Dubai is paying back by $20 billion every other year. In the event that the loaning market vanishes, where are you going to get the money from?
“The key issue is that if you borrow and develop your infrastructure, you are better off,” Ibrahim expressed.
