Nothing Wrong With Taking More Loans, Says Presidency
Nothing Wrong With Taking More Loans, Says Presidency

The Presidency says there is nothing wrong in taking more loans to finance specific projects.

It urged those criticising efforts in borrowing to develop the country, to desist.

Presidential spokesman Femi Adesina said Nigeria has more capacity to accommodate loans.

Adesina called from his Aso Rock office to take questions on aspects of COVID-19 management and economic issues.

He said that there was no need for Nigerians to raise concern about the country’s rising debt profile because the President Muhammadu Buhari administration is applying loans to the specific projects they are meant for. Although he pointed out that the huge debt, which the country is owing, was largely borrowed by previous administrations, he stressed that current figures were within the capacity of the country’s Gross Domestic Products GDP to service and repay