Special Assistant on Media and Publicity, to President Muhammadu Buhari, Femi Adesina, has said worries over Nigeria’s rising debt is unnecessary since current figures of loans accrued, were within the capacity of the country’s Gross Domestic Products (GDP) to service and repay.
Adesina who spoke while featuring on Southwest Political Circuit, a popular political interview programme on Ibadan-based radio station, Fresh F.M, also said that unlike past administrations, loans being taken by the Buhari administration are effectively utilized and applied to the specific projects they are meant for.
Adesina said: “Don’t forget that the International Monetary Fund (IMF) came out to say that Nigeria’s economy has the capacity to absorb more loans and that Nigeria is taking below what its GDP can afford. IMF said it and it is on record. Nigeria’s GDP can service more loans than it is taking. That is a vote of confidence in Nigeria’s ability to repay the loans it is taking.
“Taking loans to use for development is not a crime. But taking loans to steal and pocket as we used to have it in this country is what is criminal. You will find out that even the profile of the loans, Nigerians don’t know it.
“Even former president Olusegun Obasanjo gave a lecture where he quoted a figure about what Nigeria owes. The Debt Management Office (DMO) had to come out to correct him. I think he quoted something in the region of $90 billion or $100 billion debt.
“The DMO office came to say all that this administration has taken is a little over $20billion. The DMO also told us what the Peoples Democratic Party (PDP) government left as loans and debt. So, a lot of commentators don’t know the correct profile.”