Borrowing Is Strategic, Not Criminal — Tinubu
President Bola Tinubu has defended the Federal Government’s borrowing practices, describing them as a strategic necessity for economic growth and national development. Speaking during his maiden Presidential Media Chat on Monday night in Lagos, Tinubu emphasized that borrowing is not inherently criminal but a crucial tool for building a prosperous future.
“Borrowing is not criminal,” the President declared. “If you don’t invest money on a short-term basis, you cannot lay the foundation for managing long-term growth. We have been on the wrong path for too long. My focus is on the prosperity of our country—not just today, but for tomorrow.”
Prioritizing Infrastructure Development
Tinubu underscored the need for investments in critical infrastructure to spur economic progress, highlighting the poor state of Nigeria’s roads and inadequate internet services as major challenges.
“Our roads are in terrible condition, and our internet services are subpar. Borrowing for capital projects is essential if we are serious about building a prosperous nation,” he explained.
Justifying the Debt Profile
Acknowledging public concerns over Nigeria’s rising debt profile, the President defended borrowing for infrastructure and productive ventures as a necessary strategy to stimulate growth and attract further investments.
He argued that infrastructure development, funded through responsible borrowing, would serve as the cornerstone for long-term economic transformation and sustainable development.
Commitment to a Long-term Vision
The Tinubu administration has faced criticism for its economic policies, but the President reaffirmed his commitment to a long-term vision for Nigeria. He stressed that addressing infrastructure deficits would provide the groundwork for prosperity, even in the face of short-term challenges.
“This is about securing the future of Nigeria,” Tinubu concluded, calling for understanding and support from citizens as his administration navigates the complexities of economic recovery.
The President’s remarks highlight his focus on creating a legacy of sustained growth through strategic investments in critical sectors.
