The recently departed Minister of State for Budget and National Planning, Clement Agba, came to the defense of former President Muhammadu Buhari on Wednesday, asserting that there was nothing amiss with Buhari’s reliance on external loans to finance infrastructure projects……CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
The previous administration faced criticism for its significant reliance on external borrowing, a practice many critics believed contributed to the economic challenges faced by Nigeria.
Agba, an economist, countered these criticisms, asserting that Buhari should be praised instead of condemned for his prudent use of external loans to construct quality roads, railway tracks, and enhance existing infrastructure in the country.
As an APC governorship aspirant in Edo State, Agba made these remarks after submitting his Expression of Interest and Nomination forms at the party’s secretariat in Abuja. Addressing reporters after meeting with members of the APC National Working Committee, he emphasized the importance of borrowing for productive purposes and highlighted the favorable conditions of the loans obtained during Buhari’s tenure. According to Agba, these were long-term loans with low-interest rates, ranging from 2.5 percent, and featured moratoriums of 5 to 20 years for repayment.
He argued that borrowing under these conditions, especially for infrastructure development, is economically sound and provides better value compared to delaying projects and facing higher costs due to inflation. In conclusion, Agba stated that borrowing itself is not a sin and called for commendation of the former President’s approach.
