The Special Adviser to President Muhammadu Buhari on Media and Publicity, Femi Adesina, has said his principal is aware that Nigerians are against incessant foreign loans.
Speaking on Channels Television’s Politics Today on Monday, Adesina said Nigeria is not borrowing to consume but to invest in capital projects.
The presidential aide, who is in New York as part of Buhari’s entourage for the 76th United Nations General Assembly, said that Nigeria’s current Gross Domestic Product comfortably gives space for more borrowings.
He dismissed insinuations that President Buhari would bring up the issue of borrowing during bilateral meetings at the assembly.
“You don’t go to the UN to seek borrowings. Any borrowing will not be approved until it goes through the National Assembly,” Adesina said.
“The President is not going to borrow again. That is not the essence of the summit. When he meets with other presidents at the multilateral meetings, whatever is done there will not go through the back door. That meeting will be reported and whatever action is taken will go through the National Assembly.
“The President is aware of Nigerians’ clamouring against borrowing. He doesn’t live in space. He lives among the people. Many times, at the Federal Executive Council meeting when issues of borrowing come up, he talks about it.
“He says he knows people are saying his administration is borrowing too much, but we are not borrowing to put in our pockets. We are borrowing for development.”
He stated that the present administration is borrowing for development, stressing that evidences of previous borrowing can be seen all over Nigeria.