The Honourable Minister of Works and Housing, Babatunde Fashola (SAN) and two-term Lagos State Governor has goofed.
On the sideline of his recent inspection of the two bridges built by the Federal Government in Cross River State, the trained lawyer who suddenly became an engineer during the first term of the present Administration has also become a public finance ‘expert’ by his verbal assault on the government’s critics on incessant borrowing. Fashola lampooned the critics that ‘It is Home Economics they know; they don’t know Public Finance’.
Financial Market provides finance for companies so they can hire, invest and grow. The market also enables the government to raise funds to build infrastructures, including road networks among others. This saves the government the ordeal of incessant borrowing. There is no argument on the imperative of infrastructure as the cornerstone of any economy and there is a nexus between the economy and its financial market.
It is on record that many landmark projects, including privatization of public enterprises and recapitalization of banks had been executed through The Nigerian Stock Exchange . In 2019, the Federal Government floated N100 billion sovereign Sukuk Bond to construct 642.69 kilometers roads across Nigeria. The offer was oversubscribed because it is gilt- edged, backed up by full faith and credit of the government. The risk is of default is minimal if not non-existent.
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