Minister of Information and Culture, Lai Mohammed said, ‘There is nothing bad in borrowing loan for infrastructure and other critical development in the country.’
According to the Minister, Mohammed made this statement during an inspection tour of the Lagos-Ibadan railway project across the country alongside Minister for Transportation, Rotimi Amaechi.
“We didn’t borrow money for services,” he said. “We didn’t borrow money for overhead expenditure. We borrowed money for capital projects – rail, road, bridges, power, general infrastructure.
“There is nothing bad in borrowing, provided that borrowing is invested in infrastructure, especially when it will create jobs, create an enabling environment for the economy.”
The Minister added that he was impressed with the Lagos-Ibadan rail project.
“I am very excited,” he said. “When I got into the train this morning, it was as clean and modern as any coach anywhere in the world.
“I was also quite impressed with the passion of the Honourable Minister (of Transportation). You can see that every point in time, he is pushing the contractors, saying ‘look, I can’t wait till October, I will come back in four weeks’ time,’ because we want to be able to deliver this kind of infrastructure to Nigerians.”