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Senator Jimoh Ibrahim Urges Tinubu to Borrow Strategically for Infrastructure Development
Senator Jimoh Ibrahim, representing Ondo South in Nigeria’s National Assembly, has advised President Bola Tinubu to consider borrowing strategically for the development of the country’s infrastructure.
Speaking on Channels Television’s Politics Today, Ibrahim expressed his belief that the Nigerian government should borrow what he termed as “good money” rather than taking on smaller loans that might not yield long-term benefits.
Ibrahim, defending the Federal Government’s planned borrowing, stated that while borrowing may be necessary, the funds should be directed towards projects that will contribute to the country’s economic growth and development.
He mentioned that the government could raise significant amounts of money by issuing bonds, an option that he believes would be more sustainable for Nigeria’s future.
“To be realistic, you need to borrow good money, not these small amounts like $2 billion,” Ibrahim said during the interview.
“If President Tinubu were to visit the United States and launch a national bond with a 10-year term at 10% interest, you could raise as much as $100 billion.
That’s the kind of borrowing that can make a real difference.”
When asked to define what he considers “good money,” Ibrahim clarified that any borrowing above $50 billion could be considered substantial enough to fund major infrastructure projects.
In his statement, the senator also touched on the government’s recent external borrowing plan.
President Tinubu had sent a request to the National Assembly for approval to borrow N1.767 trillion to help finance the N9.7 trillion deficit in the 2024 national budget.
Ibrahim expressed his support for the plan, but emphasized that the borrowed funds should be channeled directly into infrastructural development, which would create long-term value for Nigeria’s economy.
Drawing inspiration from Dubai, Ibrahim pointed to the city’s successful model of borrowing large amounts of money and investing it in key infrastructure projects.
He shared that Dubai had taken out a loan of $168 billion, using it to invest in tourism, innovation, and technology, which transformed the city into one of the most visited and economically vibrant destinations in the world.
“Dubai borrowed $168 billion, and look where it is today,” Ibrahim noted. “It’s a global hub, and the returns from their investments are enormous.
People flock to Dubai, and the dollars they bring in are a testament to the success of their strategy.”
Ibrahim further emphasized the importance of using borrowed funds wisely.
“If you borrow and invest in infrastructure, you’re setting the stage for growth,” he said.
“In Dubai’s case, they repay $20 billion every two years, and they’re able to sustain their development.
Nigeria could follow this model and use its borrowed funds to build the kind of infrastructure that will support future generations.”
Former U.S. President Donald Trump has predicted that the country will become extremely wealthy through tariffs.
Trump stated that the U.S. is set to gain hundreds of billions of dollars from tariffs soon. He believes the move will encourage companies and factories to return to the U.S., creating more jobs.
Speaking with FOX Business’ Maria Bartiromo on Air Force One on Sunday evening, Trump responded to concerns about a possible recession. He admitted there’s always hesitation but remained confident about the benefits of the tariffs.
“All I know is we’re going to make hundreds of billions of dollars from tariffs, and we’ll become so rich you won’t even know where to spend it all,” Trump said. “Just watch — there will be more jobs and open factories. It’s going to be great.”
Trump has recently placed tariffs on key trade partners, including Canada, Mexico, and China, as part of his economic strategy.
Senate President Godswill Akpabio denies sexual harassment allegations made against him by Senator Natasha Akpoti-Uduaghan.
Senator Akpabio claims that the allegations outburst served as Senator Natasha’s reaction to the change of Senate Seat. He stated that it was a way of her disagreeing with the new arrangements.
The Senator questions the timing of the allegations, he shared that such statements have never been made about him till now.
“It was only yesterday that I realized that these allegations arose after a change of seat and committee. That is when hell broke loose, and all sorts of accusations were made.”
He shares that none of the accusations have been proven and they are just baseless allegations.
On Sunday, March 9, 2025, between 4:00 PM and 5:00 PM, residents of Benin City experienced an unusual weather event as a heavy rainstorm was accompanied by hailstones in certain areas.
Witnesses reported that ice blocks fell during the downpour; however, no significant damages or injuries have been recorded at this time.
Hailstorms are relatively rare in Benin City, where the climate is typically characterized by high temperatures and humidity.
According to historical weather data, March is usually the warmest month, with average daytime temperatures around 34°C (93°F) and nighttime temperatures near 24°C (75°F).
The Nigerian Meteorological Agency (NiMet) had previously forecasted early rainfall for several southern states, including Edo State, where Benin City is located.
In their 2025 Seasonal Climate Prediction, NiMet indicated that these regions could expect rains earlier than usual, aligning with the recent weather patterns observed.
While hailstorms can occasionally cause damage to property and agriculture, the recent event in Benin City appears to have spared residents from such impacts.
Local authorities have not reported any destruction resulting from the hail, and normal activities have resumed following the brief storm.
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