Babatunde Fashola, Minister of Works and Housing, has lambasted persons who criticised the rate of borrowing by the Federal Government, calling them “backyard economists”.
Fashola made the assertion in a keynote address delivered at the Lagos Business School on how government policy affects business and society in national development.
According to the former Lagos State governor, such persons who criticise the government for borrowing to fund capital-intensive projects without examining the impact on the society have been largely unsuccessful in their careers as economists.
Fashola said: “Today, the government is constructing roads in every state of Nigeria and while revenues are a challenge to prompt completion. Some ‘experts’ who have not successfully shown they can run a small business moan the loudest about Nigeria’s borrowing to fund infrastructure investment.
“A Nigerian, has borrowed billions of dollars to build a refinery, petrochemical plant, fertiliser plant and gas processing plant, yet some backyard economists complain that a country whose population is in the hundreds of millions is borrowing too much to fix rail, roads, ports (air and sea) and power.”