The Olowo of Iwo, Oba Abdulrosheed Akanbi, has called on President Bola Ahmed Tinubu to increase borrowing for critical infrastructure projects, arguing that strategic investments in development would significantly improve the lives of Nigerians and stimulate economic growth.
Speaking on the state of the nation's economy and development agenda, the traditional ruler said borrowing should not be viewed negatively when the funds are directed toward projects capable of delivering long-term economic benefits and improving citizens' welfare.
According to the monarch, Nigeria requires massive investments in infrastructure, including roads, railways, power, healthcare, education, and other critical sectors that can unlock economic opportunities and enhance productivity across the country.
"We want President Tinubu to borrow more for infrastructure projects that will transform lives and drive economic growth," the Olowo stated.
The royal father noted that many developed nations have relied on debt financing to build essential infrastructure and strengthen their economies, stressing that what matters most is the effective utilization and management of borrowed funds.
He expressed confidence that well-planned infrastructure projects would create jobs, attract investments, improve connectivity, and boost economic activities nationwide. He added that investments in modern infrastructure would help position Nigeria as a more competitive economy in Africa and beyond.
The Olowo further urged government officials to ensure transparency, accountability, and value for money in the execution of projects financed through loans, emphasizing that citizens must see tangible benefits from such investments.
His remarks come amid ongoing debates over Nigeria's borrowing profile and the Federal Government's efforts to address infrastructure deficits while pursuing economic reforms aimed at accelerating growth and development.
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