Senator Jimoh Ibrahim, a member of the Senate Committee on Appropriations, has called for a more aggressive approach to borrowing in order to fund Nigeria’s infrastructure development. Speaking during a session on the nation’s economic strategy, Senator Ibrahim emphasized the importance of leveraging Nigeria’s ability to borrow to drive growth, particularly in infrastructure, which he believes is crucial to the country’s development.
He compared Nigeria’s debt-to-GDP ratio of approximately 50% with those of other major economies, such as the United Kingdom at 95%, the United States at 123%, and China at 46%, noting that these countries have successfully used debt as a tool for development. “Nigeria is a developing country, and if we do not utilize our ability to borrow properly, how do we expect to develop?” Ibrahim questioned, advocating for more significant borrowing to fund key projects.
Senator Ibrahim expressed concern over Nigeria’s cautious approach to borrowing, particularly in the face of pressing infrastructure needs. He argued that borrowing large volumes of debt is necessary to expedite the country’s development and stimulate economic growth. The Senator also stressed the importance of managing this debt effectively, with a clear exit strategy, to ensure sustainable development in the long term.
He also addressed the current discussions surrounding Nigeria’s plan to borrow $2 billion, questioning whether this amount is sufficient to meet the country’s extensive infrastructure needs. “Is $2 billion really enough? We need a more substantial commitment to move our nation forward,” Ibrahim remarked, suggesting that larger and more strategic borrowing is essential for the nation’s progress.
Senator Ibrahim’s remarks come amid ongoing debates over Nigeria’s fiscal policy and its approach to debt management.
