The Minister of Labour and Employment, Chris Ngige, has explained why President Muhammadu Buhari is seeking loans from foreign countries.
Ngige made the justification for Buhari’s loan request from foreign countries at a programme organised by the National Directorate of Employment in Amawbia, Awka South Local Government Area of Anambra State.
According to the Minister, the alleged 16-years-loot of the treasury by the opposition party, Peoples Democratic Party, PDP, had thrown Nigeria’s economy into a bad state, thereby pushing the President to seek loans from foreign countries.
He said, “The only option under the circumstance is to look for loans to give Nigerians good governance because Section 14 of our Constitution says the security and welfare of the people shall be the primary purpose of government.
“This is because the Peoples Democratic Party, for 16 years, looted the nation’s treasury and pauperised Nigerians.
“The PDP during the oil windfall did not bother to save any kobo for this country. All (the money) they got, they squandered. That is why Nigerians are pauperised this way today.
“Whatever money we borrow today is not going to be used for recurrent expenditure. It is going to be invested in railroads, power, roads, providing infrastructure for agriculture and solid minerals. Won’t you want to see the construction of the Onitsha-Enugu Expressway.”