Why Nigerians should not judge me on the debt I’m leaving behind – By Muhammadu Buhari
In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20% to over 40%, and that is no small undertaking.
This happened when global oil prices plunged to almost zero, when we encountered a recession that was not predicted, when we dealt with a pandemic that was unforeseen, and when we are still grappling with the global effects of an ongoing war in Europe.
So, as we look at Nigeria’s debt profile, I urge us to also look at the assets and investment profiles, some of which was paid for by debt and some by investment income.
The wealth and prosperity of many nations, especially post-war Europe, was built largely on infrastructure and on debt redeemed over decades. Some of the projects are commercially self-liquidating.
Without investing in infrastructure, the road out of poverty is a much tougher one.
- This was contained in a statement made by President Muhammadu Buhari, via his Twitter account on May 27, 2023, two days before the end of his tenure
