We Borrowed for Projects, to Create Wealth – President Buhari Declares

President Muhammadu Buhari gave a robust defence of his administration’s N77 trillion debt.

According to the outgoing President, the loans were largely used to fund capital projects for the people’s benefit.

Buhari explained that his focus on infrastructure was a deliberate action to create wealth and stem poverty.

President Buhari also justified the closure of Nigeria’s borders with neighbouring countries and the appointment of Col. Hameed Ali (retd.) as Comptroller-General of the Nigeria Customs Service (NCS).

The President spoke during the inauguration of some landmark projects of his outgoing government, including the Second Niger Bridge, which was named after him by Southeast governors.

The other projects inaugurated virtually by Buhari are the Ikom Bridge in Cross River State, the Loko-Oweto Bridge linking Nasarawa and Benue states, a section of the Kaduna-Kano dual carriageway, federal secretariats in Anambra, Bayelsa and Zamfara states as well as Customs new headquarter building in Abuja.

The President said the funds were used to buoy economic development, create more employment and make Nigerians prosperous.

Emphasising that his government was transparent, especially in the application of public funds, he jokingly warned: “If anybody with force moves, I have a good relationship with my neighbours. Niger Republic people will defend me.”

The President, who emphasised that he shared the concerns of Nigerians over the debts, reminded them that the wealth of other nations was traceable to their investments in infrastructure made possible by debts redeemed over decades.

He said: “As we look at the debt profile, I urge us to also look at the assets and investment profiles, some of which were paid for by debt and some by investment income.

“In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP (Gross Domestic Product) from about 20 per cent to over 40 per cent and that is no small undertaking.

“The projects that we hand over today (yesterday), apart from others, such as rail, sea and airports, a gas pipeline that had been previously completed, symbolise our country’s sharp focus on delivering prosperity.”

He explained that the Second Niger Bridge, the 365-kilometre Abuja-Kano highway of which 200 kilometres have been completed and the Lagos-Ibadan Expressway were all funded partly from dividends from investments in the Nigeria Liquefied Natural Gas (NLNG), repatriated funds from overseas, and loot recoveries.

Buhari said: “This is an example of the change that we promised; to invest dividend income in visible assets that last for generations and to put proceeds of crime to public and enduring use for the country.

“Our anti-corruption approach does not end in courts. Stolen and recovered assets are utilised for the common good.”

The President named the federal secretariats in Bayelsa, Anambra, and Zamfara states after former President Goodluck Jonathan; Ebele Okeke and Yahaya Gusau.

Inaugurating the N19.6 billion Customs headquarters, the President said Nigerians who initially criticised him for closing the nation’s land borders eventually appreciated it.

He explained that he shut the borders to encourage Nigerians to produce food for their consumption.

Buhari restated his plan to retire to his country home Daura in Katsina State, which according to him, is far away from Abuja but close to Niger Republic where he has people that could defend him.