Jimoh Ibrahim, the National Assembly senator for Ondo South, has encouraged President Bola Tinubu to invest in infrastructure and borrow “good money.”
On Tuesday’s episode of Channels Television’s Politics Today, Ibrahim offered this advice, stating that the current government ought to borrow what he called “good money.”
This was said by the senator to support the Federal Government’s proposed borrowings.
“You need to borrow decent money, not all this $2 billion, to be realistic.
Bonds can be raised. He replied, “You will receive $100 billion if Mr. President chooses to travel to the United States and issue the national bond at a rate of 10% for ten years.”
The legislator said, “Anything above $50 billion,” when asked what he meant by “good money.”
In support of the 2024 Budget, President Bola Tinubu has requested that the National Assembly approve a new foreign borrowing plan worth N1.767 trillion.
The president made the request in a letter addressed to Tajudeen Abbas, the Speaker of the House of Representatives, and Senate President Godswill Akpabio.
The president stated that the loan would be used to partially fund the N9.7 trillion deficit in the 2024 budget if it were authorized.
Nonetheless, the congressman tasked Tinubu with making sure the funds were used for infrastructure initiatives.
Ibrahim said, “The main point is that you are better off if you borrow and build your infrastructure.”The congressman used Dubai, in the United Arab Emirates, or UAE, as an example, stating that the Middle Eastern country took out a $168 billion loan that was used for technology, innovation, and tourism.
“Everyone is eager to see Dubai. From where did Dubai obtain the funds? Dubai borrowed $168 billion to fund its infrastructure expansion, which allowed it to attract a large number of visitors and the vast amount of money they brought with them.
The UAE is repaying $20 billion every two years. Where will you find the money if the lending market vanishes?
