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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.”
Business
Meta Reaches Settlement with Trump and Moves Closer to His Political Circle
In a notable legal development, Meta Platforms, the head company of Facebook and Instagram, has agreed to pay $725 million to settle a lawsuit alleging that the social media giant allowed millions of users’ personal information to be accessed by Cambridge Analytica, a firm that supported Donald Trump’s 2016 presidential campaign.
This settlement comes during a series of actions by Meta that appear to align the company more closely with former President Trump and his administration.
Recently, Meta appointed Joel Kaplan, a former aide to President George W. Bush and a prominent Republican figure, as its new head of global policy, replacing Nick Clegg.
Additionally, Meta CEO Mark Zuckerberg announced the end of Facebook’s third-party fact-checking program, acknowledging that the model had become a tool for censorship and had made “too many mistakes.”
News
Seun Kuti Says He’ll Leave Heaven if He Sees a Nigerian Politician There
Grammy-nominated Afrobeat artist Seun Kuti has sparked controversy with his bold statement about Nigerian politicians and the afterlife.
Kuti, speaking during an Instagram Live session, expressed his disbelief that despite their widespread corruption, many Nigerian politicians still aspire to reach heaven. He specifically pointed to Vice President Yemi Osinbajo, who is also a pastor.
In a passionate outburst, Kuti said, “Despite how corrupt Nigerian politicians are, they still want to make heaven. Yemi Osinbajo is also a pastor. With everything that is happening in this country, these politicians still want to go to heaven.”
He went further to make his point clearer, saying, “If I die and the Christian and Muslim fantasy heaven happens to be true, and I see one single Nigerian politician in heaven, I will go outside. Because that would mean that there’s corruption in heaven.”
News
Jigawa Governor Promises President Tinubu Support From Citizens in 2027 Elections
Governor Umar Namadi of Jigawa State has assured President Bola Ahmed Tinubu that the citizens of Jigawa will reciprocate his efforts in the upcoming 2027 elections.
Speaking at the official launch of the distribution of ATM cards to beneficiaries of the second phase of the Federal Government’s Cash Transfer program in Dutse, Namadi praised the various initiatives introduced by the Federal Government to fight poverty and hunger.
Namadi mentioned that under the second phase of the Conditional Cash Transfer program, approximately 23,000 less privileged residents in the state will each receive 75,000 naira.
He emphasized that this initiative aligns with President Tinubu’s “Renewed Hope Initiative,” which aims to uplift vulnerable communities and support their businesses.
The launch of this second phase is a testament to the commitment of the Federal Government to improve the lives of the less privileged, Namadi remarked.
He further noted that the people of Jigawa have a strong tradition of showing appreciation for good deeds.
“Our people have a good culture of repaying good deeds with good. I’m confident the people of Jigawa will repay you for all that you have done for them, he added.”
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