President Muhammadu Buhari on Tuesday in a virtual meeting with members of the Presidential Economic Advisory Council (PEAC) justified his administration’s penchant for borrowing, saying that the policy thrust was adopted to finance infrastructure.
He explained that his administration has so far taken loans in the interest of the country to solve the dire shortfall in the infrastructure. speaking at the virtual meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House in Abuja, President Buhari said the country must fix its roads to save lives from soaring road accidents.
“we have so many challenges with infrastructure. we just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put in their money”, president Buhari said after listening to a presentation by PEAC chaired by Ayo Salami.
He said that the failure to provide the infrastructure for effective transportation has deprived the country of its well deserved status as the West African hub for air cargo transportation and trans-shipment of goods. on the economy, Buhari noted that the challenges posed by the “collapse of the oil market” and the decision of Government to abide by the reduced oil production quota allocated by the organization Petroleum Exporting Countries (OPEC).
“we have to accept that decision otherwise they (middle East producers) can flood the market and make the product nonviable. so we have cooperated with what we get. with oil, we are in difficult situation. the politics of oil is that the less you produce, the less you earn”, he said.
PEAC also outlined a number of measures aimed at aggressively increasing the country’s non-debt investment inflow, including measures to improve investor perception of the country and the proposed established of a 5-10 billion dollars investment and growth fund to invest in, having expressed their support and solidarity with the administration on its recent policies.