Clear Existing Debt And Go Into Fresh Borrowing, Senator Advises FG

Senator Jimoh Ibrahim, representing Ondo South District in the National Assembly, on Monday said the economy can’t be run effectively without the Federal Government borrowing.

Jimoh noted that the needed funds to build critical infrastructures in Nigeria can only be obtained through loans.

He made this known during an appearance on Channels TV Politics Today on Monday evening.

The lawmaker said the Federal Government should clear the existing debt, and then go into fresh borrowing.

He said, “If you don’t borrow to run the economy, what do you want to do? Where do you want to get the funds to run the economy? Dubai, with the population of 12 million people in total, is owing 168 billion dollars. and look at what they have used the money to do. They are paying back now at 10 billion dollars a month.

“Now, Nigeria, with a population of 250 million people, is owing 77 million dollars; now you have challenges here and there. So, the key issue here has to do with the fact that you must borrow to run the economy.

“What I said last time is that they should clear the existing debt, then go into fresh borrowing, get a moratorium period, relax, and then come back home and find out where they got it wrong, and then face infrastructural development.”