Senator representing Ondo South, Jimoh Ibrahim has charged the new governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, to harness the opportunities of borrowing to improve Nigeria’s economy.
Ibrahim who made the remarks during the screening of the CBN governor on the floor of the National Assembly on Tuesday, said the fact that Nigeria’s debt-to-GDP ratio stands at about 30 percent gives the country opportunities to borrow more.
His words: “I don’t know what kind of economic policy you are going to advise our president. Also, why are you afraid of loans? because the GDP-to-debt ratio is about 27–30 percent. This means you have the opportunity to borrow as much as 70 percent of your GDP.
“Dubai has a population of 12 million people, and they are owing $167 billion. They borrowed this money, developed the economy, and are paying it back without difficulty. Is this not the right time to think outside the box?”
Yemi Cardoso was confirmed as the CBN governor by the Nigerian Senate on Tuesday, alongside four deputy governors: Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Dr. Bala M. Bello.