Oyegun thinks Buhari’s $30bn loan plan is panacea to get Nigeria out of recession

The All Progressives Congress (APC) National Chairman, Chief John Odigie-Oyegun, has said that for Nigeria to move out of recession, President Muhammadu Buhari-led government must borrow.

The Nigerian Senate had refused to accent to Buhari’s plan to borrow an estimated US$29.9bn from foreign lenders, as a number of Nigerians are also opposed to it including the Emir of Kano and former Central Bank Governor, Sanusi Lamido Sanusi.

The Emir recently cautioned the President to jettison the plans as no financial institution or any foreign nation would accent to lend the country money, with its present financial policies.

Howevre, Odigie-Oyegun, in a statement on Monday after receiving a lifetime achievement award from the Warri Choral Society at the Muson Centre in Lagos, said that the government must borrow to get Nigeria back again.

Read also: Review… Multiple taxation in a recession all for $30bn loan

“If you read the newspapers, you hear the President being advised to pump money into the economy. So, the question is, where is the money coming from? Simple, it has to come from somewhere, including
borrowing – both internal and external.

“To get this country going again, you have to pay contractors. Some contractors have not been paid for four, five, six, 10 years.

“So long as the borrowing is done, not to pay salaries, which the President Buhari administration will not do, but invested to create opportunities, solve our problems of power and things like that,” the APC
National Chairman said.

 

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