By Dipo Olowookere President Muhammadu Buhari has explained why his administration has been borrowing from various sources since assuming office on May 29, 2015. According to the former military head of state, the sourcing for loans to finance infrastructure by his government is mainly to attract investors to Nigeria. A statement on Tuesday by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, stated that if Mr Buhari had not taken these loans, Nigeria may have been in dire shortfall of infrastructure. \u201cWe have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money,\u201d the President was quoted as saying at a virtual meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House, in Abuja. He stressed that the funds must be taken to fix roads in the country so as to save lives from soaring road accidents. The President, who spoke after listening to a presentation by PEAC chaired by Professor Ayo Salami, regretted that the failure to provide the infrastructure for effective transportation deprived the country of its well-deserved status as the West African hub for Air cargo transportation and trans-shipment of goods. On the issue of the economy, President Buhari noted the challenges posed by the \u201ccollapse of the oil market\u201d and the decision of government to abide by the reduced oil production quota allocated by the Organisation of the Petroleum Exporting Countries (OPEC). \u201cWe have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product unviable. \u201cSo, we have cooperated with what we get. With oil, we are in a difficult situation. The politics of oil is that the less you produce, the less you earn,\u201d he said. Mr Buhari also stressed the position of agriculture in the government\u2019s scheme to reduce joblessness and poverty, noting that, \u201cFor us to bounce back to productivity, especially in agriculture, the unemployed with many of them uneducated had to be persuaded to go into agriculture.\u201d \u201cIf we hadn\u2019t gone back to the lands, we would have been in trouble by now. That is why we virtually stopped the importation of food, thereby saving jobs and foreign exchange,\u201d he said. The President also broached the issue of COVID-19 pandemic and how it necessitated the recent government policies as they relate to energy (electricity) and fuel, saying the federal government took such decisions because it places the country above politics. \u201cCOVID has reduced us to the same level as developed countries. \u201cWe are lucky we went back to the land. We eat what we produce. We are doing our best to secure the country and provide infrastructure for investment to be viable in the country,\u201d he said. Commending the Chairman and the members of the council for their patriotism and service to the nation, President Buhari pledged to continue to draw from their wisdom, knowledge and experiences as the nation deals with challenging economic times. Earlier, Prof Salami had in his presentation highlighted the council\u2019s recommendations on poverty reduction and stimulation of non-debt investment inflows, as promised at their last meeting. The council recommended steps for the effective implementation of government\u2019s plan to lift 100 million Nigerians out of poverty, as well as measures to curb poverty disparity in Nigeria. The council promised to set out a full policy paper that would, in the first instance, stop more Nigerians from falling into poverty and thereafter, further plans on reducing the poverty headcount in the country. The PEAC also outlined a number of measures aimed at aggressively increasing the country\u2019s non-debt investment inflow, including measures to improve investor perception of the country and the proposed establishment of a $5 billion \u2013 $10 billion investment and growth fund to invest in.