227
By Oscar Okhifo, Abuja
Former Minister of Finance, Dr. Kalu Idika Kalu, has declared that there is nothing wrong with borrowing. He however stressed that borrowing would only make meaning if the borrower is creating value with the borrowed funds.
The foremost economist made the assertion in Umuahia, Abia State capital during a public lecture titled, “Two Years of Transformation: Sustaining the Momentum.”
He stressed that sensible borrowing is a way of enhancing faster and broader growth for the creation of jobs, and the creation of capacity and infrastructures.
The former Minister of Finance spoke during a special anniversary lecture held in Umuahia, as part of activities marking the second year in office of Governor Alex Otti of Abia State.
His word, “There is nothing inherently wrong in borrowing. If you are creating a value, that’s where borrowing comes in.
“I’ve already heard the administration’s notion that borrowing is a problem, I think there would be an occasion to show that, far from being a problem, it is a way of enhancing faster and broader growth for the creation of jobs, the creation of capacity, development of infrastructures and the creation of employment”.
He therefore asked Governor Otti to borrow money to support his works in the state, adding “there is nothing wrong in borrowing for investment”.
Kalu opined that the governor has given hugely to health sector, education, social infrastructure among others and described his performance as commendable.
The former minister said he was not surprised that Otti’s administration has done well, pointing out that the governor has been emphasizing on growth and development, which “has made him popular beyond Abia State”.
“Governor Otti’s tenure has been truly transformative. I intend to identify only a few of the widely and easily available evidence to portray the reasons why Abians are so enthused by these two years of solid stewardship.
“The governor, his deputy, and indeed, their hard-working lieutenants have demonstrated uncommon camaraderie. I say this with due humility, that I know such dedication when I see it.
“Such dedication was in the Old Imo State that I was intimately a part of. What has emerged in our God’s own state has been spectacular so far.
“My governor, Dr. Alex Otti. I have to apologize that you are here, getting all these accolades, but I think it is well-deserved to propel the governor to sustain the sounds and sights of the great achievements consistently, at the high pitch that has grown from strength to strength in the last 24 months.
“The Otti’s administration wants to underpin administrative reorganization and sustainable social and economic development under an atmosphere of good governance, equity, and the rule of law. Wow! Wow! Wow!, I am particularly happy here today because of what is happening in Abia.”
The former finance minister declared.