President Buhari Defends N77 trillion Debt, Says His Administration Invested In Infrastructure To Fight Poverty

President Buhari Defends N77 trillion Debt, Says His Administration Invested In Infrastructure To Fight Poverty

President Muhammadu Buhari has defended the huge debt profile bedeviling his administration, which is put at N77 trillion, saying that his administration invested in infrastructure as a deliberate way to fight poverty and create jobs for economic development and prosperity.

Speaking at the virtual commissioning of three bridges, three secretariats and one road project undertaken by his administration, he said: “We do not act on infrastructure by accident. It has been a deliberate choice for our government as a tool to fight poverty, create economic growth and employment and to open the path of prosperity for our people.”

He emphasised that while he shared the concerns of Nigerians, the debts are tied to projects that have been executed in very transparent circumstances and are there for everyone to see.

He stated: “As we look at the debt profile, I urge us to also look at the assets and investment profiles, some of which were paid for by debt and some by investment income.

“In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20 per cent to over 40 per cent and that is no small undertaking.

“The projects that we hand over today apart from others such as rail, sea and airports, gas pipeline projects that have been previously completed, symbolise our country’s sharp focus on delivering prosperity.”

MEANWHILE, President Buhari has asked the Senate to approve the reimbursement of over N16 billion to Borno State Government for the construction of the Dabua-Chibok federal road. The president also sought the approval of N6 billion for Plateau State Government as refund for the construction of a federal road in the state.