The Abuja Chamber of Commerce and Industry says it supports Federal Government’s request to borrow $30 billion if only it will be used correctly for what it is meant for.
Tony Ejinkeonye, the President of ACCI, said this on Wednesday in an interview with the News Agency of Nigeria in Abuja.
Ejikeonye said: “There is nothing wrong for the Federal Government to borrow money and spend it correctly to develop basic infrastructure in the country, ACCI will support it.
“But if the borrowing is to provide for food or pay salaries, the association will not support this.”
The Federal Government recently sought the approval of the National Assembly for external borrowing plan of 29.960 billion dollars to execute key infrastructure projects across the country between 2016 and 2018.
The cost of the projects under the borrowing plan of is $29.960 billion, made up of proposed projects and programme loan of $11.274 billion.
Others are Special National Infrastructure projects, $10.686 billion; Euro bonds of $4.5 billion; and government budget support of $3.5 billion.
Commenting on the recent statement credited to US President-elect, Donald Trump, that he planned to deport about two to three million undocumented immigrants, especially Nigerians, Ejinkeonye advised Nigerians in the US to regularise their stay and avoid deportation.
He said Trump might not actualise many of his electioneering promises because there were strong institutions to check him.
He also opposed the call by the President of Dangote Group, Aliko Dangote, to the Federal Government to reverse the 2013 power sector privatisation.
Dangote had noted that the challenges in the sector persisted in spite of the privatisation.
Ejinkeonye said if Federal Government revoked the power sector privatisation, it would affect the country greatly and negatively.
He added that many countries would not like to do business or anything in Nigeria if the Federal Government carried out the advice.
Business Abuja chamber okays FG’s request to borrow $30b for development
