The All Progressives Congress, APC, National Chairman, John Odigie-Oyegun has disclosed that the $30bn foreign loan being sought by the administration of President Muhammadu Buhari will not be used to pay salaries.
Recall that Buhari had written to the senate seeking permission to source for a $30bn foreign loan.
Addressing reporters after an event in Lagos, Oyegun defended the borrowing plans of the President, explaining that the sum will be invested in infrastructure to grow the economy.
According to Oyegun, “If you read the newspapers, you hear the president being advised to pump money into the economy. So the question is where is the money coming from? Simple! It has to come from somewhere including borrowing — both internal and external. To get this country going again, you have to pay contractors. Some contractors have not been paid for four, five, six, 10 years.
“So long as the borrowing is done not to pay salaries which the President Buhari administration will not do, but invested to create opportunities, solve our problems of power and things like that.
“To allow people to have money to consume, to buy goods, to pay for services so that factories can produce. So it is that cycle. We must kick-start the economy and to kick-start it will need money, lots of money.”
