The Majority Leader in the House of Representatives, Femi Gbajabiamila (APC-Lagos) said that Nigeria must go ahead with the plan to borrow $ 29.9 billion for the country to come out of recession.
The borrowing plan by the Muhammadu Buhari administration has drawn mixed reactions, from Nigerians with the Senate initially rejecting the proposal due to absence of details in the submitted document.
Mr. Gbajabiamila gave his position on Sunday, December 18 in Abuja while giving the end of year report on the activities of the House of Representatives for 2016.
According to him the borrowing plan is specific and targeted at pulling the country out of recession and reflate the economy.
“It is what this government found on ground that informed the quantum and the nature of the borrowing they have to undertake.
“Now to get out of this recession and the sorry state we have found ourselves, I don’t think we can do it without borrowing.
“Borrowing is necessary, United States, England, Germany they all borrow, it is an essential feature of democracy especially when you’re running a deficit budget.
“For now, the borrowing is necessary to pump into the system to inflate activity in the economy, diversify the economy, there is a lot of things we need money for and if the country is not making money, like we used to we have to borrow,” Mr. Gbajabiamila said.
The lawmaker said that former President Olusegun Obasanjo was able to come to an agreement to exit the Paris club because the country was making money.
He said the country is still within the borrowing regulations as relates to the nation’s GDP.
(NAN)
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