Despite concerns about Nigeria’s rising debt profile, the chairman of Global Fleet Group, Jimoh Ibrahim, has advised the federal government to borrow more money to revamp the state of infrastructure.
The business mogul gave the advice in Abuja on Friday, May 25, 2018, at the organized by Project One Productions.
Momoh noted that Nigeria is currently the least indebted countries in the world when compared to other developed Nations such as the United States of America and China.
Nigeria has a current debt profile of N21.7 trillion according to the statistics released by the Debt Management Office (DMO) in March 2018.
“You need debt for sustainable development. If you are not indebted, we should be worried that you are growing without debt,” he said.
“The United States of America as a country is the highest debtor and it is growing. China is also in debtor.
“Five abandoned projects in Nigeria are up to the country’s total external debt. Take Ajaokuta steel, $5 billion had been spent there and yet the project is not yet complete about 38 years after.
“Now, there is another power plant project which about $500 million has been spent on; take the Abuja 28km express road to the airport, that is a $3 billion project. Also, take the Hadeja irrigation project in the north-east, which is about $2 billion.
“That is too small. Nigeria cannot grow with that size of debt and it is going to affect the country’s development. The problem with Nigeria is not debt, it is that we have a debt service problem,” he added.
While advising students on the need for further education, Momoh called on the Federal Government to increase the funding to the educational sector.
He, however, decried the poor number of PhD holders in the country in relation to Nigeria’s population.
On her part, Project One convener, Bisayo Busari-Akinnadeju charged participants on patriotism, nation building and respect for national symbols.
She urged the National Assembly to transmit the Not Too Young to Run Bill to President Muhammadu Buhari for assent to enable Nigerian youths vie for elective positions in the 2019 general elections.
Highlights of the event were the presentation of awards to the composers of the national anthem, scholarships to outstanding students, cash gifts to student speakers at the event, unveiling of the group’s theme song as well entertainment from the NYSC cultural troupe.