By Akinsuroju Olubunmi
External loan : Ex-Minister commends Buhari for prudent utilization of external loans.
Former Minister of State for Budget and National Planning, Clement Agba, has come to the defense of former President Muhammadu Buhari, praising his judicious use of external loans for infrastructural projects. Agba, an economist, refuted criticisms of the past administration’s reliance on external borrowing, asserting that Buhari deserves commendation for channeling borrowed funds (external loan) into building roads, railway tracks, and upgrading existing infrastructure.
Speaking after submitting his Expression of Interest and Nomination forms for the Edo State governorship aspirant position on the All Progressives Congress (APC) platform, Agba emphasized the importance of understanding the purpose and conditions of borrowing. He highlighted that the loans secured during Buhari’s tenure were long-term with favorable conditions, including low-interest rates and moratorium periods.
Agba explained that the borrowing was strategic, allowing the government to undertake crucial projects at a lower cost compared to delaying and facing higher expenses due to inflation. He concluded by asserting that borrowing, when done responsibly, is not a sin, and former President Buhari should be commended for his prudent approach.
External Loans,
Buhari Commendation