Jimoh Ibrahim The senator representing Ondo South in the National Assembly, has urged President Bola Tinubu to borrow ‘good money’ and invest in infrastructure.
on Tuesday’s edition of Channels Television’s Politics Today, Ibrahim,gave this counsel, he added that 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 national bond at 10 years at 10 per cent, you will get $100 billion,” he said.
Anything above $50 billion.”That is the definition of ‘good money’, the lawmaker said: “
Although President Bola Tinubu has asked the National Assembly to approve a fresh N1.767trn external borrowing plan in support of the 2024 Budget.
In a letter written to Senate President Godswill Akpabio and the Speaker of the House of Representatives, Tajudeen Abbas.The president sent the request
According to the president, if approved, the loan would be used to partly finance the N9.7trn deficit in the 2024 budget.
However, the lawmaker charged Tinubu to ensure that the borrowings should be channeled towards infrastructural projects.
Citing Dubai, in the United Arab Emirates, UAE, as an instance, the lawmaker said the Middle East nation borrowed a $168 billion loan that was channelled into tourism, innovation, and technology.
“Everybody wants to go to Dubai. Where did Dubai get the money from? Dubai got the money by borrowing $168 billion and using it for infrastructural development in such a way that you can have the number of people going to Dubai today and the number of dollars that they go with is enormous.
“Dubai is paying back $20 billion every other year. If the lending market disappears, where are you going to get the money from?
Ibrahim said that “The key issue is that Tinubu borrow and develop His infrastructure, He is better off.
