Borrowing Is Not Bad If…. Imo Finance Commissioner Insists

Commissioner for Finance in Imo State, Professor Uche Uwaleke has insisted that borrowing is not bad if it is utilised to develop infrastructures and other projects that are beneficial to the people.
Professor Uwaleke, who spoke at the opening of a two-day seminar by the Central Bank of Nigeria (CBN) in Owerri, Imo State capital, for Finance Correspondents and Business Editors of media organizations across Nigeria, noted that the biggest economy in the world today, the United States of America, is also the biggest borrowers.
“Coming back home, the biggest economy in Nigeria is Lagos State but it is also the biggest borrower,” the commissioner said.
He stressed that no country in the world is free of borrowing, even as he said that he preferred foreign loans with room for concession to local ones.
Professor Uwaleke commended the CBN for moving fast to quench the fire of recession and for continually organizing fora to equip journalist with the ways the economy is moving.
“CBN played a leading role in getting Nigeria out of the recession through several interventional measures. I commend the apex bank and urge it to continue with its intervention engagement to get the country moving.”