Adeosun noted that unlike in the past, the federal government will not borrow to fund recurrent expenditure.
Minister of Finance, Kemi Adeosun, has said that Nigeria has no option than to borrow in order to invest in the economy. The minister who was speaking on Tuesday, August 9, at a town hall meeting in Abuja said that the federal government is, however, exercising caution about its borrowing to avoid leaving a heavy debt burden for future generations.
Adeosun said:
Quote
“We have a very conservative borrowing programme, and we must borrow; because to do rail — the rail that we have now was done in the colonial era — there has been really significant upgrade. “We have urgently to do rail to enable agriculture and solid minerals to be competitive, so I really don’t see that there is any option than to borrow. “We will borrow sustainably; we would borrow conservatively to make sure that we don’t burden future generation.” She noted that unlike in the past, the federal government will not borrow to fund recurrent expenditure, instead its focus is on developing infrastructure. “The difference is, we’ve been borrowing in the past to pay salaries; now we borrow to invest. “When you borrow to invest, there is an expectation that there will be additional revenue that will service those borrowings. “I think that is the clear difference. I don’t think people should be unduly concerned about borrowing; we have to borrow, we have no choice but we will borrow as strictly as possible. “This is why we have approached the World Bank and export credit organisations that provide concessional loans. We are taking concessional loans before going for commercial loans,”
the minister said.
Adeosun added that the size of the public sector shows that the private sector, which should be the major employer, was not developed. She said investments in infrastructure have become imperative in order to create an environment for the growth of the private sector.
I have been reporting for several years now and I am very interested in visual news reportage with strong inclusion of photos and video multimedia.
Posted: at 10-08-2016 07:02 AM (7 years ago) | Addicted Hero
kingcalors at 10-08-2016 07:10 AM (7 years ago) (m)
which kind yeye LOAN? The one wey China give us we never account for that one. Una never taya to chop Naija money?
Posted: at 10-08-2016 07:10 AM (7 years ago) | Gistmaniac
All d "money" recovered from foreign banks I mean abacha loots and all d ones recovered so far according to ur govt where are they. And must u rely on oil dat is in only one region to survive. Wat happen to other mineral resources we have in dis country. They let it close down cus oil was bringing money. Private sectors can't operate well cus there's no light to work wit and so many things is wrong right now. GOD, help dis country.
Posted: at 10-08-2016 07:26 AM (7 years ago) | Addicted Hero
djjolly205 at 10-08-2016 07:45 AM (7 years ago) (m)
Madam you must be out of your senses. First China. Na he go be south Africa. What about the money that has been recovery by EFCC. Buhari and APC make una take am easy. Even Brazil nor worst reach this before they inpeche the government. Buhari are you using the EFCC money to sponsor boko haram. Because everybody no say na you form the group to fight badluck Jonathan should be case you loose. The other day you ask NNPC to search for oil in the north. Be careful before is late to cry. You and the APC are about to cause big problem to the country.that is why you see today different militant are coming up.in country were by you even Bost of daily bread
Posted: at 10-08-2016 07:45 AM (7 years ago) | Newbie
You are still selling oil and the exchange rate at the minute is almost 400 naira to a dollar which means your income from oil is double what it used to be, you have increased fuel price, diesel and kerosene price, you are making revenue from NLNG, you have introduced stamp duty, increased VAT, Customs levy and FIRS is busy sending entrepreneurs out of business with serious levies, you have increased interest rate on lending. YOU ARE BUSY COLLECTING EVERYWHERE BUT YOU ARE NOT GIVING OUT, ALLOCATION TO STATES AND MINISTRIES AND PARASTETALS ARE SUFFERING, NO SINGLE GOVERNMENT PROJECT TO YOUR CREDIT, YOU CLAIM TO HAVE RECIEVED MONIES BACK FROM THOSE WHO STOLE IN THE PAST!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! THE LIST IS ENDLESS. MY QUESTION ----- WETIN YOU DEY TAKE ALL THE MONEY DO? YOUR TIGHT HAND POLICY IS CAUSING INFLATION AND CLOSING DOWN BUSINESSES, WHEN THERE IS NO FUND CIRCULATING HOW CAN THE ECONOMY MOVE FORWARD.
Posted: at 10-08-2016 08:55 AM (7 years ago) | Upcoming
SweetDaddy1 at 10-08-2016 08:56 AM (7 years ago) (m)
The IMF boss came to Nigeria when APC took over power and she said Nigeria government don't need loan. This pen robbery, alias Paddling is the cause of the economic crisis.
Posted: at 10-08-2016 08:56 AM (7 years ago) | Gistmaniac
freethinker at 10-08-2016 09:42 AM (7 years ago) (m)
THIS OBJ GIRLFRIEND HE IMPOSED ON OKOKO BUHARI, WHAT DID SHE KNOW ABOUT ECONOMY? YOU CLAIMED TO HAVE RECOVERED BILIIONS UPON BILLIONS, USE IT NAH, WHY BORROW AGAIN? GOVT WITHOUT DIRECTION
Posted: at 10-08-2016 09:42 AM (7 years ago) | Gistmaniac
Mynameis1 at 10-08-2016 10:06 AM (7 years ago) (m)
Sometimes I get tired of our leaders and their inability to do good things without filling their pockets first...what happened to all the recovered loots?....SMH. for Nigeria's future
Posted: at 10-08-2016 10:06 AM (7 years ago) | Gistmaniac
waytoheaven at 10-08-2016 10:12 AM (7 years ago) (m)
Quote from: jjiofor on 10-08-2016 08:55 AM
You are still selling oil and the exchange rate at the minute is almost 400 naira to a dollar which means your income from oil is double what it used to be, you have increased fuel price, diesel and kerosene price, you are making revenue from NLNG, you have introduced stamp duty, increased VAT, Customs levy and FIRS is busy sending entrepreneurs out of business with serious levies, you have increased interest rate on lending. YOU ARE BUSY COLLECTING EVERYWHERE BUT YOU ARE NOT GIVING OUT, ALLOCATION TO STATES AND MINISTRIES AND PARASTETALS ARE SUFFERING, NO SINGLE GOVERNMENT PROJECT TO YOUR CREDIT, YOU CLAIM TO HAVE RECIEVED MONIES BACK FROM THOSE WHO STOLE IN THE PAST!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! THE LIST IS ENDLESS. MY QUESTION ----- WETIN YOU DEY TAKE ALL THE MONEY DO? YOUR TIGHT HAND POLICY IS CAUSING INFLATION AND CLOSING DOWN BUSINESSES, WHEN THERE IS NO FUND CIRCULATING HOW CAN THE ECONOMY MOVE FORWARD.
. this is d only sensiblee comment i ve ever seen...they need to let us know
Posted: at 10-08-2016 10:12 AM (7 years ago) | Upcoming
waytoheaven at 10-08-2016 10:12 AM (7 years ago) (m)
Quote from: jjiofor on 10-08-2016 08:55 AM
You are still selling oil and the exchange rate at the minute is almost 400 naira to a dollar which means your income from oil is double what it used to be, you have increased fuel price, diesel and kerosene price, you are making revenue from NLNG, you have introduced stamp duty, increased VAT, Customs levy and FIRS is busy sending entrepreneurs out of business with serious levies, you have increased interest rate on lending. YOU ARE BUSY COLLECTING EVERYWHERE BUT YOU ARE NOT GIVING OUT, ALLOCATION TO STATES AND MINISTRIES AND PARASTETALS ARE SUFFERING, NO SINGLE GOVERNMENT PROJECT TO YOUR CREDIT, YOU CLAIM TO HAVE RECIEVED MONIES BACK FROM THOSE WHO STOLE IN THE PAST!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! THE LIST IS ENDLESS. MY QUESTION ----- WETIN YOU DEY TAKE ALL THE MONEY DO? YOUR TIGHT HAND POLICY IS CAUSING INFLATION AND CLOSING DOWN BUSINESSES, WHEN THERE IS NO FUND CIRCULATING HOW CAN THE ECONOMY MOVE FORWARD.
. this is d only sensiblee comment i ve ever seen...they need to let us know
Posted: at 10-08-2016 10:12 AM (7 years ago) | Upcoming
danielsony at 10-08-2016 10:27 AM (7 years ago) (m)
If other country borrowed money the way Nigeria does what happens, ngozi iweala has worked so hard to clear the past one borrowed and now u guys wants to start again. Then I say which way Nigeria, which way to go.
Posted: at 10-08-2016 10:27 AM (7 years ago) | Gistmaniac
kingcalors
angesco
winace
jjiofor
SweetDaddy1
gogoman
EDDYPRINCE
kison
Mynameis1
waytoheaven
GermoDon
danielsony
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