Special Adviser to President Bola Tinubu on Policy Communication, Daniel Bwala, has said the current government has borrowed billions of dollars to invest in Nigeria’s infrastructure.
Bwala made the remark in response to a comment by the Emir of Kano, Muhammed Sanusi, saying that Nigeria invests between $30 billion and $100 billion every year to fix its infrastructure problems.
Posting on X, Bwala wrote: “Your Royal Highness, we are simply borrowing to invest in the most important areas of our economy, with infrastructure being the most crucial of them all.
“The lack of proper infrastructure needs at least $30 billion to $100 billion every year, but what we’re currently spending is not enough, so we have to borrow money.”
Sanusi had raised concerns about the Tinubu government still relying on borrowing even after removing the fuel subsidy, calling the situation financially inconsistent.
The Emir said that even though the subsidy system isn’t working in the long run, the benefits people were expecting from getting rid of it haven’t actually made them borrow less money.
He mentioned that Nigeria can no longer justify supporting foreign refineries as an oil-producing country.
The former Governor of Central Bank of Nigeria, CBN, also said that recent progress in domestic refining and exports is good for the economy.
The monarch also criticized the government’s way of managing money, stating that the savings from cutting subsidies should lead to less borrowing and clear signs of economic improvement.
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