YBTC News-The Buhari Media Organisation, BMO, has commended President Muhammadu Buhari for strongly justifying borrowings by his administration. President Buhari made the clarification while speaking at a virtual meeting with members of the Presidential Economic Advisory Council (PEAC).
Buhari had said the loans were channelled to fix critical infrastructural projects like roads, rail and power, while also addressing issues on fuel price, electricity tariff hike and agriculture
In a press statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO averred that the projects will play a huge role in Nigeria’s economic transformation process, where huge amounts of money taken in the past, without delivering on the jobs, has almost ground industrialisation and stagnated the economy.
“More than any other time in our history, we are all witnesses to an administration that is securing loans and truly applying them to infrastructural development with the intent of deploying these to turn the economy around and enable global competitiveness of Nigerian trade and services.
“The country’s failure to provide infrastructure for effective transportation had robbed the country of its well-deserved status, as well as the West African hub for air cargo transportation and trans-shipment of goods.
“The President’s explanation captures the need to address and redress our productivity vulnerabilities without which our economy would continue to stagnate while individuals will continue to exist in unmitigated misery.
“The president also narrated how the outbreak of COVID-19 led to the government’s policies which hiked electricity tariff and removed fuel subsidy”.
According to the group, President Buhari also spoke on the output of investments in agriculture, pointing out that it saved us from imminent food crisis during the pandemic and has reduced the level of joblessness and poverty in the country.
“His various strategies on the economy, politics and agriculture, has helped to reduce the incidence of poverty to a large extent in the country. This is a powerful testimony to President Buhari’s determination and capability to fulfil his promise to bring 100 million Nigerians out of poverty in 10 years.
“This is the time to set our political differences aside, join hands and do our best to protect our people. This is one other time Nigerians are called to rise and stand with this President who is structuring a long term success plan for the Nigerian economy, which is yet another evidence of governance with a human face, even in dire situations”, the statement added.