The Deputy Governor of Lagos State, Dr Obafemi Hamzat, says a state can “borrow constructively” in order to bridge its infrastructure deficit.
”The reality is that where do you get resources to build for today? There is something that is called constructive borrowing and there is destructive.
”If you borrow to go and buy a vehicle, you are putting yourself in trouble, but if you borrow to build a house, the house will appreciate and then you can sell even if you are in trouble,” Hamzat said.
He spoke with the News Agency of Nigeria (NAN) in Lagos in reaction to the state’s debt profile, which it put at N39.692 billion, as at December 2019.
