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Borrow ‘Good Money,’ Invest In Infrastructure -Lawmaker Urges Tinubu
The senator representing Ondo South in the National Assembly, Jimoh Ibrahim, has urged President Bola Tinubu to borrow ‘good money’ and invest in infrastructure.
Ibrahim, who gave this counsel on Tuesday’s edition of Channels Television’s Politics Today, said the current administration should borrow what he described as good money.
The lawmaker stated this in defense of the Federal Government’s planned borrowings.
“To be realistic, you need to borrow good money, not all these $2 billion.
“You can raise bonds. If Mr President decides to visit the United States and launch the nation bond at 10 years at 10 per cent, you will get a $100 billion,” he said.
When asked his definition of ‘good money’, the lawmaker said: “Anything above $50 billion.”
EKO HOT BLOG recalls that President Bola Tinubu has asked the National Assembly to approve a fresh N1.767trn external borrowing plan in support of the 2024 Budget.
The president conveyed his request in a letter written to Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas. He said if approved, the loan would be used to partly finance the N9.7trn deficit in the 2024 budget.
But the lawmaker urged Tinubu to ensure that the borrowings should be channels towards infrastructural projects.
He cited Dubai, in the United Arab Emirates (UAE) as an instance, saying the Middle East nation borrowed a $168 billion loan that was channelled into tourism, innovation, and technology.
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