The National Chairman of the All Progressives Congress (APC), Senator Abdullahi Adamu says the government can borrow until eternity as long as borrowed funds are used for the intended purposes.
He said this on a Trust TV programme on Monday while chiding those accusing the Muhammadu Buhari administration of plunging the nation into debt.
The APC chairman said government borrowing was not unique to Nigeria, noting that the governments of the US, UK, France and others borrow when necessary.
Adamu said, “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 in bigger economies than our own so why do we limit ourselves in our thinking.”