Nigerian President Muhammadu Buhari on Tuesday said that making infrastructure development a key point of focus in his administration was a deliberate action to create wealth and make poverty alleviation easier.
Speaking at the virtual commissioning of some of his legacy projects as Nigerian leader, Buhari, who will quit office on May 29, defended criticisms of the debt profile of his administration, saying the government’s infrastructural projects were not “by accident.”
“We do not act on infrastructure by accident. It has been a deliberate choice for our government as a tool to fight poverty, create economic growth and employment, and open the path of prosperity for our people,” he said.
While emphasizing that he shared the concerns of Nigerians, he explained that the debts were tied to projects that were executed in very transparent circumstances and are there for everyone to see, noting the wealth of other nations is traceable to their investments in infrastructure and made possible by debts redeemed over decades.
“As we look at the debt profile, I urge us to also look at the assets and investment profiles, some of which were paid for by debt and some by investment income. In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP (gross domestic product) from about 20 percent to over 40 percent, and that is no small undertaking,” Buhari said.
The president also emphasized the importance of good governance, transparency, and the fight against corruption as integral components of the government’s economic agenda, adding efforts to improve the ease of doing business, streamline regulations, and enhance accountability were implemented to create a conducive environment for investment and economic growth.
XINHUA
