Umahi reveals why Tinubu keeps borrowing

The Minister of Works, David Umahi, has stated the reason President Bola Tinubu keeps borrowing money from the World Bank and the International Monetary Funds, IMF.

Speaking during a visit by the Inspector General of Police, Olatunji Disu, to the Ministry of Works on Monday, Umahi said Tinubu is borrowing to fix Nigeria’s roads because infrastructure is the foundation for security, commerce and economic growth.

Umahi spoke in Abuja during a visit by the Inspector General of Police, IGP Olatunji Disu, to the Ministry of Works.

“When people say, ‘Why is he borrowing?’ The president is borrowing so that our roads can be good. Infrastructure, roads, everything. Without roads, it’s difficult for the security agencies. Without roads, it’s difficult for commerce to thrive. Without roads, schools will be hindered,” Umahi said.

According to economic analysts and data tracking organisations such as the Alliance for Economic Research and Ethics, since assumption of office in May 2023, the Tinubu administration has accumulated an estimated N57 trillion to N65.9 trillion in new public debt.

Explaining, Umahi said more than 80 per cent of the ongoing projects, valued at about N34 trillion, were inherited from previous administrations, adding that some are dated back to 2000, 2015 and 2017.

The minister further stated that Tinubu decided to retain them because they were critical to the country’s economic revolution.

Umahi said the administration adopted reinforced concrete pavement to ensure durability, noting that completed roads would not require attention for between 50 and 100 years.

He highlighted the four legacy projects of the Tinubu administration as investment-driven initiatives designed to trigger economic transformation. These include the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Highway, the Calabar-Ebonyi-Benue-Kogi-Nasarawa-Abuja corridor and the Akwanga-Jos-Bauchi-Gombe-Biu-Maiduguri route.