FG set to borrow $500m for job creation amidst skyrocketing debt FG set to borrow $500m for job creation amidst skyrocketing debt
The federal government has disclosed its plan to borrow a sum of $500 million from the Africa Development Bank (AfDB), noting that the facility... FG set to borrow $500m for job creation amidst skyrocketing debt

The federal government has disclosed its plan to borrow a sum of $500 million from the Africa Development Bank (AfDB), noting that the facility will be invested in creating more jobs for young graduates.

It equally said the Lagos State Governor, Mr. Akinwunmi Ambode, has redefined the future of Epe, citing strategic infrastructure projects his administration had developed in the last three and a half years.

The Vice-President, Prof. Yemi Osinbajo, unveiled the plan to secure $500 million on Sunday evening during a visit to the palace of the Oloja of Epe, Oba Kamorudeen Animashaun, as part of his next level engagement.

If finally secured, Nigeria’s debt burden will rise to $73.71 billion from $73.21 billion, which according to the Debt Management Office (DMO), was the country’s total debt stock as at June 30, 2018.

Speaking at the palace, Osinbajo disclosed that the federal government would establish Entrepreneur Bank and Peoples Money Bank to complement the Bank of Industry (BoI) if President Muhammadu Buhari was re-elected.

Osinbajo said: “What we have realised is that we need to create several avenues for people to access funds to set up their businesses, and thereby create opportunities for more jobs. Already, we are in partnership with the AfDB to invest $500 million in creating jobs.

“All these things ought to have been done before now, but corruption has prevented us from enjoying these things. We are at a point that we need to tell ourselves the truth because the country ought to have moved far ahead of where we are.

“If the leaders are corrupt, there is nothing that can move. It is not as if there is no idea to move this country forward. As a matter of fact, there are several ideas but corruption has refused to allow these ideas to come into fruition.

“Take for example, the Lagos-Ibadan Expressway. It did not take them three years when it was constructed but for 16 years. The PDP government could not fix it and they were budgeting money for the road every year. The APC government is now doing it with the right funding, the same thing with several rail projects across the country.“

He commended Ambode for massive infrastructure renewal embarked upon by his administration in the Epe division, saying serious attention “will be given to the remaining roads connecting Lagos to Ogun State to facilitate ease of movement and boost commerce”.

“I have to thank Ambode who has shown a pattern of serious hard work. I have been here a couple of times with the governor to see the infrastructural renewal ongoing here and I have to thank God for helping him to achieve this much for Epe. There is nothing we see here that is not good. Every of his project here is good and commendable,” he said.

Also at the palace, Ambode urged residents “to troop out on election day and vote massively for all APC candidates. You know where my heart is.

“For me, it is four plus four. On February 16, it shall be APC all the way from Presidency to Senate and House of Representatives. Whatever you want to do because of me, just know that it is APC all the way from top to bottom”.

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