‘It’s investment’ - Oyedele replies Atiku, critics of Tinubu’s $21.7bn external borrowing plan

Nigeria’s Minister of Finance, Taiwo Oyedele, has responded to disapproval of President Bola Ahmed Tinubu’s caller $21.7 cardinal outer borrowing request, describing the projected loans arsenic an concern successful the country.

Oyedele made the remarks connected Wednesday astatine the Presidential Villa successful Abuja aft the Federal Executive Council, FEC, meeting.

His comments travel amid increasing disapproval of Tinubu’s petition to the Senate for support to unafraid caller outer loans.

Among those starring the absorption to the borrowing program is erstwhile Vice President and statesmanlike campaigner of the African Democratic Congress, ADC, Atiku Abubakar.

Atiku had urged the Senate not to o.k. Tinubu’s indebtedness request.

Reacting to the criticism, Oyedele explained that the projected borrowing was intended to money investments alternatively than simply summation the country’s indebtedness burden.

According to him, the loans would concern productive investments susceptible of driving economical maturation and improving Nigerians’ surviving standards.

“This is investment, not borrowing,” helium said.

He added that the projected financing should beryllium assessed based connected the assets ...