Femi Adesina says there is nothing wrong with Nigeria taking more loans

- A presidential media aide, Femi Adesina, has said borrowing to finance developmental projects is appropriate

- Adesina faulted Nigerians who have been criticising the federal government for securing more loans to develop the country

- The media aide stated that loans taken by the Buhari administration are used for projects that benefit the Nigerian economy

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A presidential media aide, Femi Adesina, has said there is nothing wrong with the federal government borrowing to finance developmental projects that will benefit the Nigerian economy.

Adesina was said to have made the statement when he called from his Aso Rock office to answer questions during a programme on Fresh FM, The Nation reports.

He urged Nigerians to stop criticising efforts of the federal government in securing more loans to develop the country, pointing out that Nigeria's economy has the capacity to absorb more loans.

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Adesina insisted that the current administration is applying loans to the specific projects they are meant for and so there was no need for Nigerians to raise concerns about the country’s rising debt profile.

He said it does not constitute a crime to take loans for development purpose but that it is criminal to take loans for the purpose of diverting to private pockets.

Adesina pointed out that the huge debt which the country owes was largely borrowed by previous administrations.

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The aide disclosed that the Nigerian government could borrow more money to revive the economy which has been battered by the COVID-19 pandemic.

Meanwhile, Vice President Yemi Osinbajo has said Nigeria has been presented an unprecedented opportunity to reset critical sectors of its economy as a result of the COVID-19 pandemic.

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Osinbajo revealed this during a virtual media conference on Thursday, May 14, where the Global Citizen, announced a collaboration with the Nigeria Sovereign Investment Authority (NSIA) to establish the Nigeria Solidarity Support Fund.

The vice president described the initiative as a creative, forward-looking and thoughtful response to the challenge facing the country due to the pandemic.

According to the organizers of the media conference, the initiative is targeted at mobilizing Nigerians both at home and abroad to support the nation’s fight against the pandemic.

In another report, Nigeria's former vice president Atiku Abubakar has advised President Muhammadu Buhari on the country's best way out of its present economic situation after slashing the budget by 0.6%.

The presidential committee on the impact of the coronavirus on Nigeria’s economy had earlier disclosed that the economy is facing serious challenges due to the COVID-19 pandemic.

However, Atiku in a series of tweets posted on his Twitter page on Thursday, May 14, stressed that reducing the nation's expenditure is the best way out of this economic situation.

The presidential candidate of the Peoples Democratic Party (PDP) during the 2019 general election, further said that his counsel to the Nigerian government is to "put Nigerians first and cut your coat, not according to your size, but according to your cloth."

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