‘Nigeria has no choice but to borrow’ − Finance Minister
The Minister of Finance, Kemi Adeosun, on Tuesday explained that the Federal Government opted for a conservative borrowing plan to fund the critical sectors of the economy and to ensure that future generation is not saddled with the burden of debt payment.
The Minister, who described borrowing as inevitable in view of the current realities in the nation’s economy, spoke at a town hall meeting/policy dialogue for good governance organised by the Alumni Association of the National Association of the National Institute of Policy and Strategic Studies, in conjunction with the Federal Ministry of Information and Culture in Abuja.
Other ministers at the event included those of Information and Culture, Lai Mohammed; Solid Minerals, Kayode Fayemi; Power, Works and Housing, Babatunde Fashola; Environment, Amina J. Mohammed; Agriculture, Audu Ogbeh, Health, Prof. Isaac Folorunso Adewole; and Foreign Affairs, Geoffrey Onyeama.
Stressing the urgent need to fund infrastructure, Adeosun said: “We have to invest in our infrastructure to allow the private sector to thrive, which will create jobs and unlock the economy.
“We have to adopt a very conservative borrowing programme, but we must borrow because for us to do rail, we need funds.
“Eith other needed infrastructure we need funds.”