Between Fashola and the financial market

 Between Fashola and the financial market

The Minister of Works and Housing, Babatunde Fashola, has goofed. On the sideline of his recent inspection of the two bridges built by the Federal Government in Cross River State, the trained lawyer who suddenly became an engineer during the first term of the present regime has also become a public finance ‘expert’ by his verbal assault on the government’s critics on incessant borrowing. Fashola lampooned the critics that, ‘It is Home Economics they know; they don’t know Public Finance’. He emphasised that government borrowed to execute specific projects. Nigeria’s total debt has reached an all-time high of N33.107 trillion and is tending to a red flag as ratio to Gross Domestic Product. If government continues at the current level of borrowing, it will plunge the country into bankruptcy. The warped thinking of the government about borrowing to finance infrastructure has deprived…

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