An Ibadan Chief, Mogaji Adegboyega Adegoke, on Saturday insisted that it was not wrong for the present administration under the leadership of President Muhammadu Buhari to borrow more money to develop infrastructure, create more jobs and provide other social amenities for the citizens.
Adegoke made this declaration while addressing journalists during an end of the year party he organised for some of his associates, friends and families in Ibadan, the Oyo state capital.
former President, Olusegun Obasanjo, had recently said Nigeria faced the risk of impending bankruptcy, over the continuous accumulation of debt by the government.
But, Adegoke while reacting, maintained that there was nothing wrong if Nigeria borrows money to develop infrastructure, provide more jobs and provide other social amenities for the citizens.
Adegoke, who is the Executive Director Finance and Chief Financial Officer of OES Energy Services, revealed that many Nigerians were against the borrowing of more money by the government due to the previous experiences that most governments borrow on frivolous things and loot it.
He added that it will be better for Nigeria to borrow more money if the money would not be diverted or stolen by politicians.
The Mogaji of Abose compound in Olubadan traditional lineage maintained that Nigeria should endeavour to borrow money to develop the country instead of staying aloof to watch citizens wallow in abject poverty.
Quote
“So, I don’t have issue with borrowing money. I don’t have anything against borrowing so far there is no leakages. When I say leakages, not that they are borrowing money and somebody will be diverting it. That is leakages. But, when you borrow money and you spend it developing infrastructure, electricity, I can tell you that if you solve electricity problem in Nigeria, about sixty per cent of our problems would be solved.
“Somebody who is trained to be a tailor is now riding motorcycle, someone who is a welder is now riding motorcycle. That is what I am saying, if we have electricity, you can even do portable businesses if there is electricity. You can start so many things, if there is electricity.
“I am very happy. I feel happy. I have been doing this for the last ten years. I have been doing this since I came back to Nigeria from overseas transfer.
“To alleviate poverty, there must be empowerment. Poverty alleviation is not all about donating or giving people money. So, if government pump more money into electricity and infrastructural development.
“So I am not against borrowing money. I am not against it. So, in Nigeria, the only problem that people see is that there is fear that they will loot the money again. I think that is the problem.
“But, if they borrow money for infrastructural development, if they borrow money and they spend it on infrastructural development , I don’t see anything in that”.
“Somebody who is trained to be a tailor is now riding motorcycle, someone who is a welder is now riding motorcycle. That is what I am saying, if we have electricity, you can even do portable businesses if there is electricity. You can start so many things, if there is electricity.
“I am very happy. I feel happy. I have been doing this for the last ten years. I have been doing this since I came back to Nigeria from overseas transfer.
“To alleviate poverty, there must be empowerment. Poverty alleviation is not all about donating or giving people money. So, if government pump more money into electricity and infrastructural development.
“So I am not against borrowing money. I am not against it. So, in Nigeria, the only problem that people see is that there is fear that they will loot the money again. I think that is the problem.
“But, if they borrow money for infrastructural development, if they borrow money and they spend it on infrastructural development , I don’t see anything in that”.
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