fbpx
Advertisement
  • Home
  • World News
    UK not safe for me, family – Prince Harry

    UK not safe for me, family – Prince Harry

    Mauritania ex-president jailed five years for corruption

    Mauritania ex-president jailed five years for corruption

    S. Korea launches first spy satellite with Elon Musk’s SpaceX

    S. Korea launches first spy satellite with Elon Musk’s SpaceX

    Biden mourns 700,000 Americans lost to COVID-19

    ‘I’m disappointed in myself’, Biden apologises over war on Gaza

    Sierra Leone declares nationwide curfew after attack on armoury

    Sierra Leone declares nationwide curfew after attack on armoury

  • Politics
    • All
    • Politics Roundup
    Comments on Tinubu: Apapa-led LP faction tackles Peter Obi

    Comments on Tinubu: Apapa-led LP faction tackles Peter Obi

    Why I won’t suspend Wike, others – PDP Chairman

    Why I won’t suspend Wike, others – PDP Chairman

    Amid PDP’s warning, APC insists on conducting Osun council election

    APC wins all chairmanship seats in Ekiti council polls

    Edo election tribunal: Group petitions CJN over dismissal of LP candidate’s suit

    Edo election tribunal: Group petitions CJN over dismissal of LP candidate’s suit

    PDP to Tinubu: ‘Tell Nigerians how much was spent to sponsor delegates at COP28’

    PDP to Tinubu: ‘Tell Nigerians how much was spent to sponsor delegates at COP28’

    • Politics Roundup
  • Business
    • All
    • Exclusive Economy
    Nigeria’s Inflation Hits 27.33% as Food Prices Soar

    Nigeria’s Inflation Hits 27.33% as Food Prices Soar

    Naira: Tinubu’ll shock currency speculators – Presidency

    Naira: Tinubu’ll shock currency speculators – Presidency

    University asks intellectuals to advance innovative technology

    NDIC to pay liquidated banks’ creditors, depositors N1.6bn soon – MD

    CBN raises concerns over sluggish growth of MSMEs’ in Nigeria

    CBN restores 43 items restricted from accessing forex

    e-Naira: CBN mandates financial institutions on product base devt

    eNaira threat to financial stability- CBN report

    • Exclusive Economy
  • Health
    Japa: Health workers’ exodus worrisome – Tinubu

    Japa: Health workers’ exodus worrisome – Tinubu

    Dialysis patient, Sherifat Adisa, needs your help

    Dialysis patient, Sherifat Adisa, needs your help

    Nigeria records 15,060 suspected cases of diphtheria – NCDC

    Nigeria records 15,060 suspected cases of diphtheria – NCDC

    47th Annual Conference: PPSN charges FG, states on funding disease control, elimination

    47th Annual Conference: PPSN charges FG, states on funding disease control, elimination

    PPSN holds 47th annual conference, celebrates 50th anniversary

    PPSN holds 47th annual conference, celebrates 50th anniversary

  • Entertainment
    • All
    • Big Brother Naija
    • Film
    Saheed Osupa Graduates From UI

    Saheed Osupa Graduates From UI

    Nigerian rapper Oladips is dead

    Nigerian rapper Oladips is dead

    Veteran Kannywood actor, Samanja, dies at 84

    Veteran Kannywood actor, Samanja, dies at 84

    Burna, Davido, 3 other Nigerians bag Grammy nominations (FULL LIST)

    Burna, Davido, 3 other Nigerians bag Grammy nominations (FULL LIST)

    I’m being pressured to get married, laments Yemi Alade

    I’m being pressured to get married, laments Yemi Alade

  • Sport
    FULL LIST: Anthony Joshua, Fury, others emerge as world richest boxers

    FULL LIST: Anthony Joshua, Fury, others emerge as world richest boxers

    NFF announces Jose Paseiro, 62, as Super Eagles’ new coach

    Why NFF can’t fire underperforming Super Eagles Coach, Peseiro – Board Member

    AFCON: Super Eagles beat Guinea-Bissau to maintain perfect record

    Nigeria drawn with Ivory Coast, Guinea Bissau, Equatorial Guinea for AFCON 2023

    Sir Alex Ferguson’s wife Cathy dies at 84

    Sir Alex Ferguson’s wife Cathy dies at 84

    FIFA to hold 2030 World Cup across three continents, six countries

    FIFA to hold 2030 World Cup across three continents, six countries

  • Editorial
    Sultan, CAN Sign Peace Pact over 2023 general elections

    2023 general elections: Our concerns

    2023: Court directs INEC to react to fresh lawsuit seeking Tinubu’s disqualification

    TINUBU: A CAT WITH MANY LIVES

    2023, ATIKU AND THE CONSPIRACIES

    2023, ATIKU AND THE CONSPIRACIES

    Atiku, With Wike dine together in London

    Govs’ political jamboree in London scandalous

    Herdsmen crisis: Buhari doesn’t understand how grave the situation is – Soyinka

    Soyinka sails Pyrates out of Emi lokan sea

    • Opinion
  • Lifestyle
    • All
    • Art
    • Beauty and wellness
    • Culture
    • Fashion and Style
    • Food
    • Love & relationship
    • Travel
    INTIMATE AFFAIRS: Unwise sacrifices

    INTIMATE AFFAIRS: DNA: Should some secrets be kept forever?

    Alawo stool: CHRSJ accuses deposed Taiwo Adegboye of “serial forgery”

    Alawo stool: CHRSJ accuses deposed Taiwo Adegboye of “serial forgery”

    INTIMATE AFFAIRS: Unwise sacrifices

    INTIMATE AFFAIRS: Are women mean or what?

    Obi, LP’s petition a jamboree, Tinubu, Shettima tell Supreme Court

    Obi, LP’s petition a jamboree, Tinubu, Shettima tell Supreme Court

    INTIMATE AFFAIRS: Unwise sacrifices

    INTIMATE AFFAIRS: Sex, pastors and pastors’ wives

    INTIMATE AFFAIRS: Unwise sacrifices

    INTIMATE AFFAIRS: Unwise sacrifices

    INTIMATE AFFAIRS: Hurting and lonely hearts

    INTIMATE AFFAIRS: He married the money 

    INTIMATE AFFAIRS: Hurting and lonely hearts

    INTIMATE AFFAIRS: Hurting and lonely hearts

    THE ARREST OF TANTITA OPERATIVES AND PARADE BY THE NIGERIAN NAVY – A TRAGICOMEDY OF ERRORS

    THE ARREST OF TANTITA OPERATIVES AND PARADE BY THE NIGERIAN NAVY – A TRAGICOMEDY OF ERRORS

    INTIMATE AFFAIRS: Six questions to ask yourself if you suspect he’s cheating 

    INTIMATE AFFAIRS: Six questions to ask yourself if you suspect he’s cheating 

    • Travel
    • Pop culture
      Nigeria’s tech industry: where are the women?

      Nigeria’s tech industry: where are the women?

      Big Brother Naija: What 8 Nigerians think about this controversial show

      Big Brother Naija: What 8 Nigerians think about this controversial show

      nigerian youth

      A Simple Guide to Being an Angry Nigerian Youth

      Big brother naija

      Big Brother Naija Lockdown Reunion: A Recipe for Embarrassment

      chimamanda

      What Chimamanda Adichie’s Essay Says about Social Media Performativity and Conformity

      united african republic

      United African Republic: What is in a Name?

      Twitter is our 911: The Myth of Democracy in Nigeria

      Twitter is our 911: The Myth of Democracy in Nigeria

      THE COVID-19 SERIES

      Tech in Nigeria? Please

      Tech in Nigeria? Please

    • Love & relationship
    • Food
    • Fashion and Style
    • Culture
    • Beauty and wellness
    • Art
No Result
View All Result
No Result
View All Result
Home News

Money borrowed by my govt used for infrastructure, wealth creation for Nigerians — Buhari

by FirstNews
May 23, 2023
in News
Reading Time: 4min read
0
May 29 handover sacrosanct – Buhari

Muhammadu Buhari

Share on FacebookShare on Twitter

RelatedPosts

Canada raises proof of funds to N16m for Nigerians, others

Corruption allegations against MD NEDC, Alkali concoction of lies — Anti – graft group

Tantita tackles Navy over seized vessel in Ondo, demands probe

President Muhammadu Buhari, Tuesday, explained that his administration resorted to borrowing in order to fund the infrastructure development of the country.

President Buhari disclosed this at the virtual commissioning of the Second Niger Bridge, which has now been named after him, two other bridges as well as four other projects in different parts of the country

The President explained that the development of infrastructure was a deliberate action to create wealth and make poverty alleviation easier.

President Buhari’s explanation came on the heels of bashing his administration is receiving over the alleged heavy borrowing.

Recall that financial experts, the opposition elements among others have criticized the Buhari’s administration over the country’s debt profile, which they argued could negatively affect subsequent administrations.

But in the midst of the criticisms, the Presidency has defended and adduced reasons for the borrowing, contending that that borrowing for infrastructure development is a practice by governments all over the world, including the developed economies.

The Debt Management Office (DMO) had warned in January that the incoming administration might be inheriting a public debt worth N77 trillion when it is sworn in next Monday.

However, President Buhari, who will be exiting office on May 29, while speaking on the reason for investing in infrastructure development, said it was all targeted at reducing poverty, economic development, creating more employment and ultimately leading Nigerians to prosperity.

The President in a statement issued by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, defended the choice of borrowing by his administration saying, “we do not act on infrastructure by accident. It has been a deliberate choice for our government as a tool to fight poverty, to create economic growth and employment and to open the path of prosperity for our people.”

He said while he shared the concerns of Nigerians, the debts are tied to projects that have been executed in very transparent circumstances and are there for everyone to see. He added that the wealth of other nations is traceable to their investments in infrastructure made possible by debts redeemed over decades.

According to him, “As we look at the debt profile, I urge us to also look at the assets and investment profiles, some of which were paid for by debt and some by investment income.

“In 8 (Eight) years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20% to over 40% and that is no small undertaking.

“The projects that we hand over today apart from others such as rail, sea and airports, gas pipeline projects that have been previously completed, symbolise our country’s sharp focus on delivering prosperity,” he said.

On the significance of the projects, which he described as frontal efforts to address multi-dimensional poverty as well as improve business efficiency and service delivery time, President Buhari said of the 3 (three) Bridges:

“The Ikom Bridge is meant to boost trade in and around the Calabar Port and Free Zone and facilitate transport connectivity from the South-South, through the North Central to the Northeast. This is a bridge across the Cross River itself.

“The Second Niger Bridge, which has been long in the making, and is certainly now a reality, is a bridge of choice across the River Niger to bring relief to those crossing from the Southeast to the Southwest.

“The Loko-Oweto Bridge, across the River Benue will provide a shorter connectivity for those traversing from Benue to Nasarawa and the Federal Capital Territory. It cuts off travel through Lafia and provides connectivity to Keffi and to Abuja.”

President Buhari also commissioned 200 kilometres out of the 365 kilometres Abuja-Kano highway noting that the road, the Second Niger bridge and the Lagos-Ibadan Expressway were all funded partly from dividend income earned from investment in the Nigeria Liquefied Natural Gas (NLNG), repatriated funds from overseas, and recoveries from proceeds of crime successfully prosecuted at home.

“This is an example of the change that we promised; to invest dividend income in visible assets that last for generations and to put proceeds of crime to public and enduring use for the country.

“Our anti-corruption approach does not end in courts. Stolen and recovered assets are utilized for the common good,” he stressed.

The President also commissioned three Federal Secretariats in Anambra, Bayelsa and Zamfara States, believing that they would “reduce the cost of governance by bringing federal civil servants under one roof for efficient service delivery,” thereby reducing expenditure on rent for office spaces.

He also named the Secretariats after distinguished Nigerians such as Dr. Goodluck Ebele Jonathan Federal Secretariat in Yenagoa, Bayelsa State, Ebele Okeke Federal Secretariat in Awka, Anambra State; and Malam Yahaya Gusau Federal Secretariat in Gusau, Zamfara State.

In his remarks, the Minister of Works and Housing, Babatunde Fashola said the construction of the infrastructure generated economic activities around them, providing means of livelihood for hundreds of thousands who worked there.

He said, “Travel time is reduced by more than 50% in many of the places we surveyed; Property values of landowners have appreciated by up to 30% in the surveys conducted on land values where we have delivered infrastructure.”

The Minister added that these are some of the attempts by Government to push back against multi-dimensional poverty.

Goodwill messages were delivered at the event by the Governors of Anambra, Imo and Delta States, Minister of Labour and Employment as well as the Obi of Onitsha and the Asagba of Asaba.

Share200Tweet125Share50
FirstNews

FirstNews

  • Trending
  • Comments
  • Latest
10 most followed Nigerian comedians, skit makers on Instagram, Twitter

10 most followed Nigerian comedians, skit makers on Instagram, Twitter

May 22, 2021
Probe: DSS arrests CBN finance director at lavish party in Abuja

Probe: DSS arrests CBN finance director at lavish party in Abuja

September 14, 2023
Minors’ viral sex tape: Lagos govt closes Chrisland School indefinitely

Minors’ viral sex tape: Lagos govt closes Chrisland School indefinitely

April 18, 2022
Five benefits of sleeping more

Five benefits of sleeping more

3
Court orders Nnamdi Kanu remand in DSS custody

Court orders Nnamdi Kanu remand in DSS custody

3
No fewer than 109 foreigners from Benin Republic have been arrested by operatives of the Gombe State Police Command for alleged illegal entry into Nigeria.

Police nab kidnappers for trying to abduct lawyers, others

3
Chinese ‘police stations’ in Canada under investigation –Report

Canada raises proof of funds to N16m for Nigerians, others

December 8, 2023
Corruption allegations against MD NEDC, Alkali concoction of lies — Anti – graft group

Corruption allegations against MD NEDC, Alkali concoction of lies — Anti – graft group

December 8, 2023
Tantita tackles Navy over seized vessel in Ondo, demands probe

Tantita tackles Navy over seized vessel in Ondo, demands probe

December 8, 2023
First News NG

Copyright © 2022 First Media Networks Limited

Site Navigation

  • Contact Us
  • About Us
  • Privacy Policy

Follow Us

No Result
View All Result
  • Home
  • World News
  • Politics
    • Politics Roundup
  • Business
    • Exclusive Economy
  • Health
  • Entertainment
  • Sport
  • Editorial
    • Opinion
  • Lifestyle
    • Travel
    • Pop culture
    • Love & relationship
    • Food
    • Fashion and Style
    • Culture
    • Beauty and wellness
    • Art

Copyright © 2022 First Media Networks Limited