Senator Jimoh Ibrahim, representing Ondo South District in the National Assembly, emphasized the necessity for the Federal Government to engage in borrowing as a means of managing the economy.
During an appearance on the Channels Television program ‘Politics Today,’ Ibrahim justified the need for borrowing, citing examples such as Dubai, which has successfully utilized borrowed funds for significant development projects.
Ibrahim highlighted the economic challenges faced by Nigeria and argued that borrowing is a vital strategy to secure funds for running the economy and addressing infrastructure needs.
He compared Nigeria’s borrowing situation, with a population of 250 million, to that of Dubai, owing $168 billion with a population of 12 million.
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According to Ibrahim, borrowing allows the government to invest in critical infrastructure, eventually facilitating repayment.
The lawmaker, who also chairs the Senate Committee on Inter-Parliamentary Affairs, defended the government’s decision to fund 422 delegates to the COP28 Climate Summit in Dubai.
He suggested that a larger delegation would enhance Nigeria’s influence and knowledge-sharing opportunities at international events, emphasizing the seriousness with which President Bola Tinubu would be taken on the global stage.
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