Senator Adams Oshiomhole, representing Edo North Senatorial District, has defended the Federal Government’s proposed foreign borrowing, saying the focus should be on what the funds would be used for rather than borrowing itself. Speaking during an interview on ARISE News, the former Edo State governor said borrowing was a common practice among countries and could […]
Senator Adams Oshiomhole, representing Edo North Senatorial District, has defended the Federal Government’s proposed foreign borrowing, saying the focus should be on what the funds would be used for rather than borrowing itself.
Speaking during an interview on ARISE News, the former Edo State governor said borrowing was a common practice among countries and could support sustainable economic growth when invested in infrastructure.
He argued that Nigeria needed solid infrastructure to strengthen its economy and generate income that could help repay loans.
Oshiomhole said the Senate would carefully examine the borrowing request, including its objectives and proposed projects, before deciding on the matter.
He disclosed that the request had been referred to the Senate Committee on Foreign Debt and Local Debt for consideration. The committee is expected to review the details and engage with the Ministry of Finance before reporting back to the Senate plenary for debate.
The senator, however, said he could not provide further details about the proposed projects until the committee had completed its review.
Oshiomhole maintained that borrowing to finance consumption could be wasteful, while borrowing to build infrastructure and other income-generating assets could provide long-term economic benefits.
He also noted that government debt was increasing across major economies, including countries in Europe and the United States, insisting that the purpose of borrowing should be the central issue in Nigeria’s ongoing debate.
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