A former Director of the Research Department at the Central Bank of Nigeria, Dr Titus Okunrounmu, has emphasised the need for the Federal Government to borrow more funds to develop the country‘s infrastructure.

Mr Okunrounmu told journalists on Tuesday in Ota, Ogun State, that there was nothing bad in borrowing if only the money would be prudently used on projects that would generate revenue for the country.

According to him, investment in infrastructure development will attract more foreign investors into the country.

He noted that using such loans on capital projects would assist the country in generating additional revenue that would hasten the repayment of the loan.

Mr Okunrounmu said there was no crude oil-producing country exporting crude oil, adding that India had no crude oil but had a refinery in the country.

He said, “If Nigeria borrowed money and used it wisely on the crude oil, Nigerians would stop sending crude oil to any country. Also, the whole West African countries would begin to buy refined petroleum products from us. The demand for petroleum products would make the country so rich because of the higher population and will reduce the unemployment rate.”

He said that spending borrowed funds for consumptions, paying salaries and purchasing vehicles, among others, would make the repayment of the loans difficult and the economy would not grow.

 Mr Okunrounmu urged the Federal Government to do the needful that would make the economy grow.

He stressed the need for good governance to address the problems of the nation, adding that God gave us the resources and population to leverage. 

(NAN)