Finally Revealed: Why Buhari's Administration Is Borrowing - Lai Mohammed

Lai Mohammed said this on Thursday, September 23, at a town hall meeting with Prof. Babagana Zulum and stakeholders, in Borno State.

The minister added that the government is not borrowing for recurrent expenditure or to pay salaries.

"Naysayers have recently ramped up their criticism of the Buhari Administration for borrowing. These critics are insincere. We are not borrowing for recurrent expenditure or to pay salaries. We are borrowing to build world class infrastructure that will benefit generations of Nigerians. And we have a lot to show for the loans we have taken.

"Today, the standard-gauge rail lines between Lagos and Ibadan as well as Abuja and Kaduna are running well. Today, we have new airport terminals in Abuja, Kano, Lagos and Port Harcourt. Today,the Itakpe-Warri rail line that was abandoned for decades is running.

"Today, we have well over 13,000km of federal roads under repair, rehabilitation and reconstruction. There is a road project in every state, Today, we have started the countdown to when the 2nd Niger Bridge, which successive administrations have built only on paper, will be completed. The list of projects we are handling with the loans we obtained is long" Lai Mohammed said.

This is coming shortly after President Buhari wrote to the Senate to approve $4 billion and Ôé¼710 million external loans and a grant component of $125M.

He assured that the loan, if approved, would enable the Federal Government to fund critical infrastructural projects in different sectors across the country.