Nigeria Can’t Longer Rely On Borrowing To Fund Budget—Minister
The Minister of Finance and coordinating minister for the Economy, Wale Edun, has stated that it would be detrimental for Nigeria’s growth if the country continues to rely on loans to fund its budget.
The minister said his remark was due to the high debt profile of the country amid shrinking revenue.
Edun stated this on Thursday when he appeared before the joint Senate Committee interrogating the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper chaired by Senator Sani Musa, accompanying by Flanked by the Executive Chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji, and the Director General of the Debt Management Office, Patience Oniha…………………………....CONTINUE READING
The finance minister, therefore, told the lawmakers that the best way Nigeria could fund its annual budgets is to spend more money on infrastructure.
“We have an existing borrowing profile. Our direction of tariff is to reduce the quantum of borrowing or intercepting deficit financing in the 2024 budget,” he was quoted by Channels TV………………………...CONTINUE READING
