Kebbi State Governor, Atiku Bagudu has told the federal government that the state governments still need more money to finance critical infrastructural projects.
He spoke against the backdrop of the concerns about Nigeria’s increasing national debt profile which the FG says is still within manageable allowance but stakeholders are worried may already be putting the nation at risk.
Speaking to journalists in Abuja on Monday on the sidelines of the 27th Nigerian Economic Summit (NES), the Kebbi State Governor stated that despite the huge borrowings and debts, many state governments are still in need of huge resources to meet various infrastructural demands.
He argued that it is frustrating that the state governors have to seek the federal government’s approval before they can access loans from international financial bodies such as the World Bank.
Bagudu, therefore, urged the federal government through the Minister of Finance, Zainab Ahmed to come up with ways and ideas to secure needed finance for project works even at the state levels.
“I want to see the minister of finance, budget, and national planning at the world stage telling investors that Nigeria needs $1 trillion to support development.
“People say we have over-borrowed, but we need more money, and we need the support urgently to invest in our capacities.
“I want to see how the ministry of finance (the minister is here) can go out there and convince people on how to mobilize much more resources. For me, at the sub-national level, the limiting factor is resources.
“When Nasir el-Rufai, governor of Kaduna state, attempted to borrow from the World Bank… it was very frustrating for him to borrow small amount needed for the state on a development plan. You have to go to the federal government, assembly, all that,” the governor said.
Naija News reports that as at the end of June 2021, figures from the Debt Management Office (DMO) put Nigeria’s total public debt profile at N35.465 trillion.
This article was originally published on Naija News