We Are Borrowing To Invest In The Economy – Presidency Replies Sanusi

Special Adviser to President Bola Tinubu on Policy Communication, Daniel Bwala, has responded to the Emir of Kano, Muhammed Sanusi, over his condemnation of the incumbent administration’s borrowing culture.

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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 expected from getting rid of it haven’t actually led them to borrow less.

He mentioned that Nigeria can no longer justify supporting foreign refineries as an oil-producing country.

Speaking in a statement shared on his 𝕏 handle, Bwala explained that the government borrowed billions of dollars to invest in Nigeria’s infrastructure.

He stated that Nigeria invests between $30 billion and $100 billion annually to address its infrastructure problems.

The former Governor of the Central Bank of Nigeria (CBN) also said that recent progress in domestic refining and exports is good for the economy.

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.”