Nigeria’s Minister of Works and Housing, Babatunde Fashola, has claimed that the Buhari administration has been able to provide validation to all the debts it has borrowed by constructing various infrastructures across the country.
Fashola made this known while speaking at the closing ceremony of the 28th National Council of Works meeting held in Kano on Friday.
He said the ongoing projects across the country had justified the debts, especially when compared with what the previous administrations had done.
‘Our first budget in 2016 was over N250bn, up from the N18 billion we met in 2015. That was an increase of over a thousand percent, even though the price of crude oil was dropping, we did not raise taxes.’
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The Minister explained that the Federal Government had been able to deliver more than 1,800 kilometers of roads across the six geo-political zones so far, stressing that the Buhari-led Administration was determined to complete all the ongoing projects before the expiration of its tenure in May next year.
In his remarks, Governor Abdullahi Ganduje of Kano State said there was a need for synergy between the federal highways and states to achieve the set objectives.
He commended the Buhari administration for initiating various projects in his state.
The five-day council meeting which started on Monday with the theme: ‘Infrastructure, the season of completion’, brought together various stakeholders from all states of the federation.
Africa Daily News, New York reports that many experts have sent out serious warnings about the growing debt profile of Nigeria.
Recently, the country was said to have defaulted on its loan obligations after the total revenue generated in the second quarter of the year was said to have been less than the debt servicing obligations.
