A chieftain of the All Progressives Congress, Prof Vitalis Orikeze Ajumbe, has applauded the recent borrowings by the President Muhammadu Buhar’ administration to fund capital projects in the country.
According to him, the borrowings by the President are proper, arguing that all developing and developed countries in the world borrow to fund developmental projects.
Prof. Ajumbe made this known while addressing newsmen in Owerri, the capital of Imo State.
The former Imo State commissioner for Information and later commissioner for Internally Generated Revenue and Pension Matters, noted that despite the borrowings, Nigeria is not listed amongst the highest borrowers in the world.
His words: “Nigeria is not amongst the world’s top most debtor countries.
“It’s just No.8 in Africa to China with $4.8billion, whilst some people think China may recolonize Nigeria because of our debt. Every developed and developing country in the World lives on borrowings.”
Revealing the debt profiles of African countries, Ajumbe stated that Angola, Ethiopia and Kenya are the top three African countries with highest debt profiles of $25 billion, $13.5 billion and $7.9 billion respectively.
He listed that others are: Republic of Congo ($7.5 billion), Sudan ($6.4 billion), Zambia ($6.5 billion), Cameroon ($5.5 billion), Nigeria ($4.8 billion), Ghana ($3.5 billion) and DR Congo ($3.4 billion).
Ajumbe further gave a rundown of 20 developed countries, which are the most debt owed countries in the world.
According to him, they are: U.S.A( $18.286 trillion), U.K ($7,499 trillion), France ($5,250 trillion), Germany ($5,084), Netherland ($4,124 trillion), Luxembourg ($3,900 trillion ), Japan ($3,408 trillion), Italy ($2,285 trillion), Ireland ($2,236 trillion), Spain ($2,036 trillion), Canada ($1,791 trillion), Switzerland ($1,699 trillion), Australia ($1,563 trillion), China ($1,437 trillion), Hong Kong ($1,416 trillion), Singapore ($1,300 trillion), Belgium ($1,194 trillion), Sweden ($938 billion), Austria ($629 billion), and Norway ($623 billion).
He noted that ongoing borrowings by the Federal Government is not out of place, but would be channeled to fund railway projects, road construction and rehabilitation across the country, in addition to massive job opportunities for millions of Nigerians, which he noted, would expand the economy of Nigeria..
“In years to come, Nigerians will appreciate the vision and mission of the Buhari administration when these loans spendings shall begin to yield fruits and results,” Ajumbe said.
He advised Nigerians to be patient with the Buhari led APC government and not to negatively criticize every positive moves made by the government to reposition our economy.