Nigeria Will Continue to Borrow, Finance Minister Clarifies

Barely 48 hours after finance minister, Kemi Adeosun, said that the federal government must move away from debt in funding future budgets, she clarified her statement by saying Nigeria has no choice but to continue to borrow in order to fund the 2017 budget.

Earlier, the Minister of Finance, Mrs. Kemi Adeosun, said nothing has changed with regards to government's borrowing plans.

In a statement to clarify her comment at the Business Round Table meeting at the State House on Tuesday, Adeosun said Nigeria would continue to borrow, stressing that in 2017, the government was committed to spending N7.44tn, with a projected fiscal deficit of N2.356tn, which would be funded by a combination of domestic and international borrowing.

The statement, signed by the Director, Information, Salisu Na'inna Dambatta, read: "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.

Source: AllAfrica