Chief John Odigie-Oyegun, the National Chairman of the All Progressives Congress (APC) has said that President Muhammadu Buhari’s plan to borrow an estimated $29.9bn from foreign lenders is the only choice the country is left with, adding that the money is needed to restart the economy.
Although the proposed loan has been rejected by the Senate and kicked against by many Nigerians, the APC’s National Chairman, has defended the president , stating that the President did not plan to spend the money on trivialities, or be used to pay salaries, but to develop infrastructure.
According to The Punch, Oyegun was quoted to have said this in a statement after receiving a lifetime achievement award from the Warri Choral Society at the Muson Centre in Lagos.
According to Odigie-Oyegun, “If you read the newspapers, you hear the President being advised to pump money into the economy.
“So, the question is where is the money coming from? Simple! It has to come from somewhere, including borrowing-both internal and external.
“To get this country going again, you have to pay contractors. Some contractors have not been paid for four, five, six to 10 years!
“The borrowing is not to pay salaries, which the President Buhari administration will not do, but invested to create opportunities, solve electricity problems and things like that.
“To allow people to have money to consume, to buy goods, to pay for services, so that factories can produce. So, it is that cycle. We must kick-start the economy and to do this it will need money, lots of money,” the APC national chairman told journalists after the concert.
Chief Oyegun also defended the ongoing fight against corruption as necessary for the country to make progress.
“That is a task (anti-corruption) that must be accomplished because it is at the bottom of all the ills of this country. When you are corrupt, you are immoral.
“When you are corrupt, you don’t have ethics, when you are corrupt, you lose the distinction between right and wrong. When you are corrupt, even life does not mean anything to you.
“So, we must get it under serious control for this nation to have hope of making any progress,” he said.