According to the Senate President, Ahmad Lawan, the country has low resources and the only option left is to borrow.
Addressing reporters after a meeting with President Muhammadu Buhari to discuss important national issues at the Presidential Villa in Abuja on Thursday June 24, the Senate President stated that Nigeria is a poor country and the only option left to address its infrastructural deficit is to borrow responsibly.
Lawan added that the National Assembly would always observe due diligence before giving approval to the executive for any loan request.
“Our options are really very limited as a country. First, we don’t have the necessary revenues. Nigeria is poor; we shouldn’t deceive ourselves.
“Nigeria is not rich, given the circumstances we live in, given the challenges we have. Our resources are so low; our revenues are so low, and therefore, the option of not doing anything, just to sit — because we have no money, we shouldn’t go for infrastructure development — is not even an option worthy of consideration.
“You cannot keep the economy stagnant. Two, you cannot, in my view and judgement, tax Nigerians further for you to raise the money for infrastructure development. Other countries do that, but we have serious situations across the country, so you cannot put taxes on people.
“The other option is public-private partnership. You need to create the environment to attract investors to come into our country; because of the security challenges we face today, not many investors would like to come to Nigeria.
“In fact, even those inside Nigeria may not like to invest properly in this sector of infrastructure development.
“So, the only option left is for us to borrow — borrow responsibly, utilise prudently and economically, and ensure that the projects are self-sustaining so that they can pay back the loans, so that the Nigerian economy will benefit from the implementation of such infrastructure development.
“So, that’s the only option we have and I believe that Nigerians will understand, of course, it’s not desirable, it’s not something that we like too, no Nigerian would like to have, in fact, even an individual not like to be on loan, but when you must, then you have to, and I want to be very practical here that we do so with that feeling of ‘this is our country, we must move forward, we must provide the enabling environment for our economy to grow and Nigeria to develop.”