The Minister of Power, Works and Housing, Mr Babatunde Fashola has replied those of us criticizing APC Government for borrowing N18 Trillion ($54 billion) in less than 4 years without results. T
Addressing reporters in Ilorin, the Kwara State capital, he asked such people to provide an alternative to sourcing for funds.
“Those who say we shouldn’t borrow must have an alternative answer to where we will get the money. Those who don’t support borrowing, are they ready to support increased taxes?” he asked.
Recall that APC government met N6 Trillion debt profile in 2015 when the regime took over from PDP government. According Debt Management Office (DMO), the current debt profile stands at N24 Trillion as at April 2019.
The same regime has planned to borrow another N1.7 trillion in 2019.
There’s no harm in borrowing but the irony was that after borrowing N18 trillion ($54 billion) in less than 4 years; none of the refineries is functioning.
According to Emmanuel Ibe Kachikwu, the Minister of State for Petroleum, 2017 budget was N7.4 trillion and Federal Government spent N5.4 trillion to import refined fuel in a country that has the best crude oil in the world.
The same regime couldn’t performed turnaround maintenance of the refineries despite borrowing $54 billion in less than 4 years.
All the efforts in 2017 by Emmanuel Ibe Kachikwu to invite the original builders to revamp the refineries have been thwarted by the cabal.
It is pertinent to note that from 2017 to 2019; we are yet to invite the original builders to revamp the refineries.
I have never seen such a dullard like Babatunde Fashola who couldn’t reason beyond his anus.