National Chairperson of the All Progressives Congress (APC), Abdullahi Adamu, has said Nigeria can borrow money for development till eternity.

He stated this when he appeared on Trust TV on Tuesday.

Adamu’s comment comes at a time that the International Monetary Funds warned that Nigeria may spend nearly 100 per cent of its revenue on debt servicing by 2026.

According to the Debt Management Office (DMO), as of March 2022, Nigeria’s total debt portfolio (FG, State and FCT) was N41.6 million.

The country’s public debt has risen the most under the APC-led Buhari administration when compared to previous governments since the return of democracy in 1999.

Nigeria can borrow till eternity

Adamu said he has no issue with borrowing and that his position has been consistent on the subject.

He noted that other advanced nations borrow to develop their infrastructure.

“I remember a programme we had here, I told you and I thought you believed me that I have no quarrel, issues with government borrowing. Government can borrow from here to eternity.

“The American government borrows, the Canadian government borrows, the United Kingdom borrows, France borrows money from the World Bank and such other institutions.

“Nigeria is no exception. What I quarrel with is if the money is not used for a purpose and the infrastructure we are developing across the country, is from this source.

“You also have to appreciate the fact of the level of revenue accruing to the government, oil is the main thing… We want to see how best we can diversify. These issues affecting the revenue accruing to the government are not our making no matter how good we are, they happen.

“When some countries sneeze we catch a cold. The Ukrainian crisis with Russia is having an impact on our economy and even bigger,” he said.

PT