Umahi Explains Tinubu's Borrowing for Infrastructure

During a visit to Inspector General of Police Olatunji Disu, David Umahi, the Minister of Works, articulated the reasons behind President Bola Tinubu's borrowing practices. He stated that the borrowing is essential for improving Nigeria's road infrastructure, which is crucial for security, commerce, and economic growth.

Umahi highlighted that without proper roads, various sectors, including education and security agencies, face significant challenges. He referenced economic data indicating that as of May 2023, the Tinubu administration had accumulated an estimated N57 trillion to N65.9 trillion in new public debt, with 80% of ongoing projects, valued at N34 trillion, inherited from previous administrations dating back to 2000-2015.

Umahi emphasized that the administration aims to retain critical economic reforms and has initiated four legacy projects designed to transform the economy, including major highways across various states.