The President gave the explanation during a virtual meeting with members of the Presidential Economic Advisory Council (PEAC).
According to a statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, the President said the strategic reason for borrowing was to provide the infrastructure to make the country attractive to investors.
“We have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money,’’ the President said after listening to a presentation by PEAC chaired by Dr. Doyin Salami.
He regretted that the failure to provide the infrastructure for effective transportation deprived the country of its well-deserved status as the West African hub for Air cargo transportation and trans-shipment of goods.
On the economy, President Buhari noted the challenges posed by the “collapse of the oil market” and the decision of government to abide by the reduced oil production quota allocated by the Organisation of the Petroleum Exporting Countries (OPEC).