The President of the Nigeria Labour Congress, Ayuba Wabba, on Tuesday in Abuja advised the Federal Government to borrow money to build infrastructure for the nation’s development.
Ayuba made the suggestion during interview with the News Agency of Nigeria.
He said such loan should be used for development of infrastructure across the country.
The Federal Government had hinted that it planned to borrow 29.96 billion dollars from World Bank, Africa Development Bank and the Japan International Cooperative Agency within the next three years.
Government said it was targeting projects across all sectors with special emphasis on infrastructure, agriculture, health, education, water, employment generation, among others.
Wabba said it was important for the government plan such money would be utilised to have impact on the nation’s development.
Wabba said: “They need to give us a plan because borrowing is not a bad idea especially if we are to borrow to build infrastructure.
“We have said very clearly that instead of selling our assets, it is better to borrow and develop infrastructure that would bring income and stability to the economy.
“Our position is that does not borrow to eat, do not borrow to continue to do jamboree while the poor masses suffer untold hardships.”
Wabba said in the recent past, a lot of money had been borrowed to fight insurgency and other challenges, but the money was rather shared.
He said the labour movement would continue to resist any form of borrowing that would not bring succor or development to the country.
He said: “Let the plan be made open to all of us, it is then that NLC will interrogate the plan and see what best can be done.
“We are against any borrowing that will not actually drive the processes of fixing our infrastructure which includes the power sector, rail system connecting all parts of this country and also fixing the roads.”
He said these were very critical because all over the world, one needs huge amount of capital to be able to fix infrastructure.
Wabba also stated: “Nigerians are not lazy. The only impediments to our development are power and transportation of products from the hinterlands to where they will be required.”
Wabba stressed the need for transparency when ever government was borrowing.
He said: “If we do not fix our power supply to support industrialisation and produce what we consume, I can assure you that we will always be going in cycles and this will not help us.
“We must at this critical state of our development prioritise what we really need as a country.”
Business Wabba advises FG to borrow money to build infrastructure
