, Buhari right to borrow $800m – Ex-finance commissioner, Harrison -

Buhari right to borrow $800m – Ex-finance commissioner, Harrison

Richard Harrison, a former commissioner for finance in the state of Abia, has supported the administration of President Muhammadu Buhari in its request to borrow $800 million for a social investment program for vulnerable and underprivileged Nigerians.

This was said by the former Commissioner in a statement he provided to journalists in Umuahia.

Harrison ignored the unfavorable publicity that followed the outgoing President’s loan request.

He argued that as long as proper procedures were followed in collecting and using such funds, an outgoing administration might still borrow money to support worthwhile projects and other well-liked programs.

Harrison also criticized the warning issued by Mr. Ben Akabueze, Director-General of the Federal Budget Office, who said that Nigeria was rapidly going over its allotted borrowing capacity due to its low GDP to debt ratio.

He emphasized that prohibiting a departing administration from borrowing money for a project is like to stopping a moving train in the middle of its voyage.

He stated, “The President can borrow to pay current obligations. As long as the proper procedures are followed, existing debt can be restructured.

“Government is like a train passing through Kaduna on its way from Port Harcourt to Lagos.

“You can’t halt the trip because another driver will take over at the following station or stop.

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