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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.”
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University in Awka, Anambra State, and the removal of key officials, including the Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and the Registrar, Mrs. Rosemary Ifeoma Nwokike.
The Governing Council, headed by Ambassador Greg Ozumba Mbadiwe, comprised other notable members such as Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
However, their tenure came under scrutiny following accusations of misconduct in the appointment of the Vice-Chancellor.
Reports revealed that the Council had appointed an individual deemed unqualified for the position, bypassing the established guidelines and due process required for such a critical role.
In a statement issued by Bayo Onanuga, the President’s Special Adviser on Information and Strategy, the Federal Government intervened to prevent a brewing crisis between the university’s Senate and the Governing Council.
The statement emphasized the government’s concern over the Council’s disregard for the university’s governing laws and its role in creating unnecessary tension within the institution.
The 23-year-old university has been a cornerstone of education in the region, making the recent controversies even more alarming.
President Tinubu expressed his commitment to upholding transparency and accountability in educational institutions.
He noted that such lapses undermine the credibility of Nigeria’s academic system and must be addressed to maintain public trust.
The President’s actions also extended to the Federal University of Health Sciences in Otukpo, Benue State, where Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council, was removed.
Salami faced accusations of unlawfully suspending the Vice-Chancellor without adhering to the prescribed procedures.
Despite directives from the Federal Ministry of Education to reverse the suspension, Salami reportedly refused to comply and instead engaged in what the government described as abusive and threatening behavior towards ministry officials, including the Permanent Secretary.
The Federal Government’s intervention underscores its resolve to restore order and integrity within Nigeria’s higher education sector.
President Tinubu has cautioned governing councils to avoid actions that distract from their primary mandate of fostering academic excellence.
He reiterated that his administration is focused on raising the standard of education across the country and will not tolerate acts that compromise this mission.
Nasiru Buba has rejected the Sharia Court’s decision absolving Jigawa Commissioner Auwal Danladi Sankara of adultery allegations.
The Kano Upper Shari’a Court dismissed the case, citing insufficient evidence. Buba, however, claimed to have submitted 854 photos, 100 videos, 200 WhatsApp voice notes, and 500 hours of call records. “If the court cleared them, they are not cleared in the eyes of God,” he said.
Buba’s lawyer, Rabi’u Sidi, noted they were not informed of the court session and are reviewing the next steps.
The allegations stem from an August 17 incident involving Sankara and a married woman, which the commissioner denies.
Federal Government lifts the limitations of National Youth Service Corps (NYSC) posting to public sectors. Nysc Members are now allowed to work in banks, private sector organizations and oil and gas organizations.
The Memo was dated on the 18th of November 2024 by the Minister of Youth Development, Ayodele Olawande. This new rule will start off from 2024 Batch C, this batch will also commence their camp orientation on the 27th of November 2024.
The limitation was set by the former Minister for Youth and Sports Development, Bolaji Abdullahi whose aim was to stop the exploiting of cheap labour at private companies. He restricted corp members to only education, agriculture, health and infrastructure.
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