There is nothing bad in borrowing, says Lai Mohammed

The Minister of Information, Lai Mohammed, has said there is nothing wrong in borrowing to fund infrastructural projects.

Mohammed speaking to journalists at the inspection tour of the Lagos-Ibadan railway project on Saturday said the government does not borrow money for services or consumption.

In his words: “We didn’t borrow money for services. 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.

“I am very excited. 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.”