Connect with us

News

Many people criticize Buhari govt’s borrowing because of ignorance —Fashola

Published

on

The Minister of Works and Housing, Babatunde Fashola, said on Saturday government’s borrowing saved banks in Nigeria from collapse.

The minister, who disclosed this in an Instagram Live Chat with City People, added that many people criticized the government’s borrowing because of their limited understanding.

He said: “Let me say this about borrowing. Many people criticize it because they do not understand. If the government doesn’t borrow, a critical sector of the Nigerian economy may collapse – that is the financial and banking sector. The biggest business as to which banks make money is to lend.

“That is where they get interests to pay customers. It is by that lending that the government and private sector make profit. So, it is critical to employment also.”

READ ALSO: COVID-19: ‘Many countries writing us from near and far’ asking for food —Fashola

Fashola, who is a former Lagos State governor, however, added that “It is legitimate to hear people who are concerned about borrowing.”

He said the projects, which the money borrowed were invested in, were touching lives.

The minister added: “Since 2015, the infrastructural development programme of President Muhammadu Buhari is touching more lives than people have acknowledged.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now