Buhari defends FG borrowing, says infrastructure debt
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The president, Major General Muhammadu Buhari (retired), defended his government's borrowing on Saturday, describing it as a necessary step to provide infrastructure that would expand the growth opportunities of the Nigerian economy.
Buhari said so in what would be his last Independence Day speech to the country on October 1, 2022.
According to him, "The Federal Government is already expanding port operations to ensure that they provide growth opportunities for the Nigerian economy.
"We also continued to accelerate our infrastructure development through sustainable and transparent borrowing, improving capital inflows and increasing revenue generation by broadening the base taxation and prudently managing the proceeds of investments in the Sovereign Wealth Fund.
"To further open our communities to economic activities, we have continued to strengthen our rail infrastructure with the completion of a number of critical rail lines and concurrent rehabilitation and upgrading obsolete equipment.”
The president also noted that no village in the country has been left behind in the regime's social investment programs such as N-Power, trader-moni, market moni, etc.
"I am happy to inform my fellow citizens that in addition to our focus on infrastructure development with its opportunities for job creation, job generation and reduction of poverty, our intervention targeted directly at Nigerians through the National Social Investment Program is also delivering benefits.
"There is hardly any ward, village or local government in Nigeria today that has not benefited from one of the following: N-Power, trader-moni, market moni, Subsidized Loans, Business Grants or Conditional Cash Transfers.
"All the above-mentioned programs as well as various National Social Investment Program interventions, direct support to victims of floods and other forms of disasters have provided relief to affected Nigerians," said Buhari.
Please share this story:
The president, Major General Muhammadu Buhari (retired), defended his government's borrowing on Saturday, describing it as a necessary step to provide infrastructure that would expand the growth opportunities of the Nigerian economy.
Buhari said so in what would be his last Independence Day speech to the country on October 1, 2022.
According to him, "The Federal Government is already expanding port operations to ensure that they provide growth opportunities for the Nigerian economy.
"We also continued to accelerate our infrastructure development through sustainable and transparent borrowing, improving capital inflows and increasing revenue generation by broadening the base taxation and prudently managing the proceeds of investments in the Sovereign Wealth Fund.
"To further open our communities to economic activities, we have continued to strengthen our rail infrastructure with the completion of a number of critical rail lines and concurrent rehabilitation and upgrading obsolete equipment.”
The president also noted that no village in the country has been left behind in the regime's social investment programs such as N-Power, trader-moni, market moni, etc.
"I am happy to inform my fellow citizens that in addition to our focus on infrastructure development with its opportunities for job creation, job generation and reduction of poverty, our intervention targeted directly at Nigerians through the National Social Investment Program is also delivering benefits.
"There is hardly any ward, village or local government in Nigeria today that has not benefited from one of the following: N-Power, trader-moni, market moni, Subsidized Loans, Business Grants or Conditional Cash Transfers.
"All the above-mentioned programs as well as various National Social Investment Program interventions, direct support to victims of floods and other forms of disasters have provided relief to affected Nigerians," said Buhari.
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