Minister of Information and Culture, Lai Mohammed said on Saturday there was nothing bad in borrowing for infrastructural development.
Mohammed, who made the declaration during an inspection tour of the Lagos-Ibadan railway project, noted that the Federal Government did not borrow money for overhead expenditure or services but for capital projects.
“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 no better way to answer Nigerians as to what we have done with the money we borrowed than this project we have inspected. This is one of the many projects that we are doing with the money we have borrowed.
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“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,” he contended.
The Minister said 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.”
