Business Nigeria Will Continue to Borrow – Finance Ministry Contradicts Adeosun

kemi

Social Member
The Ministry of Finance on Thursday said that the Federal Government would continue to borrow from foreign and domestic financial institutions to fund its programmes.

kemi adeosun.jpg

The statement by the Director of Information, Mr. Salisu Dambatta contradicts the comment of the Minister of Finance, Mrs. Kemi Adeosun.

Adeosun had stated that the country could not borrow any more to fund its budget and should instead raise money internally.

“We cannot borrow anymore, we just have to generate funds domestically to fund our budget, and mobilise revenue to fund the necessary budget increase,” Adeosun said on Monday.

But Dambatta said in the statement that the government would continue to borrow in line with its three-year borrowing plan.

The statement read in part, “Following recent reports on comments by the Minister of Finance about Nigeria’s debt strategy and ability to borrow, it is important to clarify the position of the minister and the Federal Government.

“Nigeria will continue to borrow. Nothing has changed. The Economic Recovery and Growth Plan provides for an increase in spending over a three-year period, which is reflected in the 2017 budget.

“In 2017, the government is committed to spending N7.44tn, with a projected fiscal deficit of N2.356tn, which will be funded by a combination of domestic and international borrowing.”
 
If debt is the necessary mean to our economic growth and development end. Ma'am borrow and take responsibility for the execution of the related projects.
 
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