A former Director, Research Department, Central Bank of Nigeria (CBN), Dr Titus Okunrounmu,has emphasized the need for the Federal Government to borrow more funds to develop the country ‘s infrastructure.
Okunrounmu told the News Agency of Nigeria (NAN) on Tuesday in Ota, Ogun, that there was nothing bad in borrowing, if only the money would be prudently used on projects that would generate revenue for the country.
According to him, investment in infrastructure development will attract more foreign investors into country.
He noted that using such loan on capital projects that would assist the country to generate additional revenue that would hasten the repayment of the loan.
Okunrounmu said there was no crude oil producing country exporting crude oil, adding that Indian had no crude oil but had the refinery in the country.
“If Nigeria borrowed money and used it wisely on the crude oil, Nigerians would stop sending crude oil to any country.
“Also, the whole West African countries would begin to buy refined petroleum products from us.
“The demand for petroleum products would make the country so rich because of the higher population and will reduce unemployment rate.”
He said that spending borrowed funds for consumptions, paying of salaries and purchasing of vehicles, among others, would make the repayment of the loans difficult and the economy would not grow.
Okunrounmu urged the Federal Government to do the needful that would make the economy to grow.
He stressed the need for good governance to address the problems of the nation that was facing the country, adding God gave us the the resources and population to leverage on. (NAN)
