The Senator who is representing Ondo South Senatorial District at the National Assembly was at the APC National secretariat to submit his expression of interest and nomination forms on Thursday.
Addressing journalists at the APC Media Centre, Senator Ibrahim insisted that borrowing to develop the economy is not a bad idea.
When asked if he thinks Ondo people will elect him as their governor knowing that he recently said Nigeria was not borrowing enough?
The Senator responded: “Any leader that is not borrowing is a foolish leader, and is an idiotic leader.
“What I told you on the television is that our GDP to debt ratio is 40%. America is 135%. China is 45%. Britain is 105% GDP to debt ratio.
“Now what does it mean? It means that America has borrowed 135% more than its total worth.
“So when Asiwaju came, what I advised was that, take the GDP to debt ratio to 90%. Borrow an additional 50% of your worth, which can amount to about $100 billion, when you bring that, pay up the existing debt of the $77 billion and negotiate it.
“When you tell the debt creditor that we will pay today, they give you a 50% discount, so you will get that 35 billion naira in exchange for 77 billion.
“And I said the easiest way to do this is get the EXIM bank in groups, group one, group two, group three group four. There are over 300 EXIM banks in the world.
“If you have done that, you wouldn’t have any problem and the naira to dollar will fall.
“I’m talking from the perspective of my professional education as someone who has a PhD from the university of Cambridge, in business.
He maintained that a loan is an extra gear in business, “if you have a loan you have an additional gear, the important thing is pay back.
