The Minister of Finance, Zainab Ahmed, said Nigeria’s borrowing to fund the its buildings for infrastructure and development is not unreasonable.
Speaking to newsmen at a media briefing at the statehouse Abuja on Thursday February 25, Ahmed said this in regards to the criticism faced the administration.
According to her, without borrowing, the country can not build infrastructure and the economy will not grow.
“The level of borrowing is not unreasonable. It is not high. If we say we will not borrow and therefore we will not build rails and major infrastructure until our revenue rises enough, we will regress as a country. We will be left behind. We wouldn’t be able to improve our business environment and our economy will not grow.
We just need to make sure that when we borrow, we apply the borrowing to specific major infrastructure that would enhance the business environment in this country”
The total borrowing of Nigeria as of December 31, 2020 is nearly 25% of the GDP, which has led to the criticism from Nigerians on the debate own by the country.