Buhari can borrow forever; America and Britain are also borrowing money: APC Chairman Adamu

It doesn’t matter how much President Muhammadu Buhari borrows to continue ruling Nigeria because countries like the US, UK and France borrow from the World Bank, APC National Chairman Abdullahi Adamu said.

Former President Olusegun Obasanjo had condemned the regime’s borrowing as “senseless and criminal”.

“I remember vividly telling you, and I thought you believed me, that I have nothing against government borrowing problems. The government can borrow from here until eternity,” Mr Adamu told Trust TV in an interview on Monday. “What I argue is if the money is not used for a purpose. The infrastructure that we develop across the country comes from these sources.

When reminded of the worrying debts racked up by Mr. Buhari’s regime, Mr. Adamu justified the borrowing spree by saying, “The US government is borrowing. (The) Canadian government borrows. The UK borrows. France borrows money from the World Bank and other institutions. Nigeria is no exception.

Labor Party presidential candidate Peter Obi has advised Mr Buhari to limit the country’s borrowing to 5% of the country’s revenue in the previous year.

“As a matter of urgency, Nigeria must stop borrowing for consumption, but borrow only to invest in regenerative development projects and other productive ventures,” Obi said.

Nigeria’s debt profile reached over 40 trillion naira in March under Mr Buhari’s watch, according to the Debt Management Office.

The APC presidential aspirant at the time, Stanley Osifo, had pledged to revamp the Nigerian economy which was said to have been damaged by Mr Buhari’s borrowing during the campaigns ahead of the party’s presidential primary. He missed the mark.

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