The Senator representing Ondo South District in the National Assembly, Jimoh Ibrahim, has said the Federal Government can only run the economy effectively through borrowing.

Jimoh said this at a television interview on Monday evening, explaining that with the country’s population and the need to build critical infrastructures, Nigeria can only get the needed funds through loans.

He gave Dubai as an example saying with a population of 12 million people in total; Dubai owes 168 billion dollars but has used the money judiciously and is now paying back at 10 billion dollars a month.

He says Nigeria, with a population of 250 million people, owes only 77 million dollars;

He advised that Nigeria’s existing debt should be cleared, and then the country can go into fresh borrowing, get a moratorium period, and then face infrastructural development.