Those criticizing Federal Government's rate of borrowing are ''Unsuccessful and backward'' economist - Fashola

Fashola Babatunde, the Minister of Works and Housing, has decsribed those attacking the rate of borrowing by the Federal Government as ''backward and unsuccessful economists.”

Fashola who was a two-term governor of Lagos state, took a swipe at the Federal Government's critics when he spoke at the Lagos Business School today September 24th. According to Fashola, people who are faulting the government's rate of borrowing are largely unsuccessful individuals.

“Today, the government is constructing roads in every state of Nigeria and while revenues are a challenge to prompt completion. Some ‘experts’ who have not successfully shown they can run a small business moan the loudest about Nigeria’s borrowing to fund infrastructure investment.

A Nigerian, has borrowed billions of dollars to build a refinery, petrochemical plant, fertiliser plant and gas processing plant, yet some backyard economists complain that a country whose population is in the hundreds of millions is borrowing too much to fix rail, roads, ports (air and sea) and power'' he said