Why Federal Government Is Borrowing – Finance Minister, Kemi Adeosun Reveals
Minister of Finance Kemi Adeosun says the Federal Government is borrowing so it can meet up with infrastructure demands in the country.
She was speaking on the sidelines of the 2017 World Bank and International Monetary Fund annual meetings in Washington DC, United States.
According to her, some of the money borrowed will be used to invest in several areas, including power supply, housing, rails, to name a few.
“I am not saying we need to move to 100 per cent, but I am saying we need to tolerate a little more debt in the short-term to deliver the rails, the roads and power so as to generate economic activities, jobs, revenue, which would be used to pay back the debt,” the minister said.
“What we are trying to do is to create enough headroom to invest in capital projects that the country desperately needs.
“I do not think there is any Nigerian that will say we do not need to invest on power, do the roads, and that will not want us to fix 17 million housing deficits, build rails and they will generate economic activities and jobs.”