President Muhammadu Buhari says his administration increased Nigeria’s stock of infrastructure to GDP from about 20% to over 40%, in its eight-year tenure.
Buhari adds that that is an accomplishment worthy of note.
The outgoing president said the achievement happened when global oil prices plunged to almost zero, “when we encountered a recession that was not predicted, when we dealt with a pandemic that was unforeseen and when we are still grappling with the global effects of an ongoing war in Europe.”
Buhari said when Nigerians look at Nigeria’s debt profile, they should also take into consideration the assets and investment profiles, some of which was paid for by debt and some by investment income.
“The wealth and prosperity of many nations, especially post-war Europe, was built largely on infrastructure and on debt redeemed over decades. Some of the projects are commercially self-liquidating.
“Without investing in infrastructure, the road out of poverty is a much tougher one,” Mr Buhari stated on his verified Twitter handle.
