Special Adviser to President Muhammadu Buhari on Media and Publicity, Femi Adesina, has said that the regime does not borrow to consume but to invest in capital projects that will drive development.
This is as he said that Nigeria’s current Gross Domestic Product can comfortably accommodate the volume of borrowings.
Adesina said this yesterday while speaking on the Channels TV’s programme, ‘Politics Today’.
Adesina is in New York as part of Buhari’s entourage for the 76th United Nations General Assembly.
While fielding questions from the show’s anchor, Seun Okinbaloye, about the possibility of fresh borrowings from bilateral meetings at the assembly, he said, “You don’t go to the UN to seek borrowings. Any borrowing will not be approved until it goes through the National Assembly.
“The President is not going to borrow again. That is not the essence of the summit. When he meets with other presidents at the multilateral meetings, whatever is done there will not go through the back door. That meeting will be reported and whatever action is taken will go through the National Assembly.
“The President is aware of Nigerians’ clamouring against borrowing. He doesn’t live in space. He lives among the people. Many times, at the Federal Executive Council meeting when issues of borrowing come up, he talks about it.