Special Adviser to President Bola Tinubu on Policy Communication, Daniel Bwala, has said the current government has borrowed billions of dollars to invest in Nigeria’s infrastructure.
Bwala made the remark in response to a comment by the Emir
of Kano, Muhammed Sanusi, saying that Nigeria invests between $30 billion and
$100 billion every year to fix its infrastructure problems.
Posting on X, Bwala wrote: “Your Royal Highness, we are
simply borrowing to invest in the most important areas of our economy, with
infrastructure being the most crucial of them all.
“The lack of proper infrastructure needs at least $30
billion to $100 billion every year, but what we’re currently spending is not
enough, so we have to borrow money.”
Sanusi had raised concerns about the Tinubu government still
relying on borrowing even after removing the fuel subsidy, calling the
situation financially inconsistent.
The Emir said that even though the subsidy system isn’t
working in the long run, the benefits people were expecting from getting rid of
it haven’t actually made them borrow less money.
He mentioned that Nigeria can no longer justify supporting
foreign refineries as an oil-producing country.
The former Governor of Central Bank of Nigeria, CBN, also
said that recent progress in domestic refining and exports is good for the
economy.
The monarch also criticized the government’s way of managing
money, stating that the savings from cutting subsidies should lead to less
borrowing and clear signs of economic improvement.
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