Connect with us

News

Nigeria Won’t Have Exited Recession Without Borrowing – Finance Minister, Zainab Ahmed

Published

on

Finance Minister, Zainab Ahmed said Nigeria would not have recovered from recession without borrowing funds.

Nigeria Won't Have Exited Recession Without Borrowing - Finance Minister, Zainab Ahmed

The Minister of Finance, Budget, and National Planning, Zainab Ahmed said that the recent borrowings by the Federal Government were instrumental to the country’s exit from recessions.

Mrs. Ahmed, who stated this on Friday during the Public Presentation and Breakdown of the 2022 Appropriation Bill, said Nigeria wouldn’t have exited recession without borrowing.

She said, “Having witnessed two consecutive recessions, we have had to spend our way out of the recession which contributed significantly to the growth of our public debts.”

“It is unlikely that our recovery from these recessions would have been as fast without the sustained government expenditure funded partly by debt.”

READ:  PDP Asks Justice Bulkachuwa To Withdraw From Atiku's Petition At Presidential Election Tribunal

Despite concerns raised by critics and opposition parties, the finance minister explained that borrowings have helped the government in providing infrastructure to boost the economy as well as help curb the country’s rising level of insecurity.

She said, “Borrowings are essential to enable us to deploy necessary capital expenditure and invest in human capital development.

“To compound matters, the country has technically been at war, with the pervasive security challenges across the nation.

READ:  Zamfara APC Offered Bandits N56m Not To Release Abducted Jangebe Schoolgirls - Shinkafi

“This has necessitated massive expenditures on security equipment and operations, contributing to the fiscal deficit; Defence and Security sector accounts for 22% of the 2022 budget!”

Mrs. Ahmed further assured Nigerians that the federal government’s debt portfolio is still within sustainable limits.

KanyiDaily recalls that President Muhammadu Buhari said Nigeria’s debt profile is rising because his administration had to spend its way out of two recessions.

READ:  Woman Arrested For Beating 7-Year-Old Stepson To Death In Kano State

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

LATEST NEWS

Reno Omokri Places $500 Bounty On Instagram Troll Who Threatened His Daughter Reno Omokri Places $500 Bounty On Instagram Troll Who Threatened His Daughter
News2 hours ago

New Naira: CBN Deadline Is Like Judgement Day – Reno Omokri

A former presidential aide to ex-President Goodluck Jonathan, Reno Omokri has likened the Central Bank of Nigeria (CBN) deadline for...

Yemi Alade Allegedly Weds Her Longtime Manager, Taiye Aliyu In A Private Ceremony [Video] Yemi Alade Allegedly Weds Her Longtime Manager, Taiye Aliyu In A Private Ceremony [Video]
PHOTOSPEAKS3 hours ago

Yemi Alade Allegedly Weds Her Longtime Manager, Taiye Aliyu In A Private Ceremony [Video]

Nigerian singer, Yemi Alade has allegedly tied the knot with her longtime manager, Taiye Aliyu, in a private ceremony. It...

Naira Notes Swap Aimed At People Hoarding Illicit Funds, Not Common Man - Buhari Naira Notes Swap Aimed At People Hoarding Illicit Funds, Not Common Man - Buhari
News4 hours ago

Naira Notes Swap Aimed At People Hoarding Illicit Funds, Not Common Man – Buhari

President Muhammadu Buhari has reacted to the outrage trailing the deadline given by the Central Bank of Nigeria (CBN) for...

"I Lost My Virginity At 19, Dated An Older Lady For Sex" - BBNaija Star, Pere Egbi [Video] "I Lost My Virginity At 19, Dated An Older Lady For Sex" - BBNaija Star, Pere Egbi [Video]
Entertainment5 hours ago

“I Lost My Virginity At 19, Dated An Older Lady For Sεx” – BBNaija Star, Pere Egbi [Video]

Former Big Brother Naija housemate, Pere Egbi has opened up about his dating life and sexual relationships. During a recent...

Atiku Reveals Why CBN Should 'Slightly' Extend Deadline For Old Naira Notes [Video] Atiku Reveals Why CBN Should 'Slightly' Extend Deadline For Old Naira Notes [Video]
News5 hours ago

Atiku Reveals Why CBN Should ‘Slightly’ Extend Deadline For Old Naira Notes [Video]

The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar has called on the Central Bank of Nigeria (CBN)...

"Happy Birthday To My King" - Nkiru Sylvanus Celebrates Her Husband, Sammy Richies "Happy Birthday To My King" - Nkiru Sylvanus Celebrates Her Husband, Sammy Richies
Entertainment6 hours ago

“Happy Birthday To My King” – Nkiru Sylvanus Celebrates Her Husband, Sammy Riches

Nollywood Actress, Nkiru Sylvanus, popularly known as ‘Ble Ble’, has taken to social media to celebrate the birthday of her husband,...

Ganduje Postpones Buhari's Visit To Kano Over ‘Hardship’ Caused By Naira Redesign Ganduje Postpones Buhari's Visit To Kano Over ‘Hardship’ Caused By Naira Redesign
Politics6 hours ago

Ganduje Postpones Buhari’s Visit To Kano Over ‘Hardship’ Caused By Naira Redesign

Kano State Governor, Abdullahi Ganduje has postponed the planned visit of President Muhammadu Buhari to the state due to security...

Nigerian Police Reacts After Court Sentenced IGP Usman Baba To 3 Months In Prison Nigerian Police Reacts After Court Sentenced IGP Usman Baba To 3 Months In Prison
News7 hours ago

IGP, Usman Alkali Baba Invalidates Existing Police Community Relations Committee Identity Card

The Inspector-General of Police, IGP Usman Alkali Baba, has invalidated the existing Police Community Relations Committee (PCRC) Identity Card with...

"I'm Not A Politician But A Footballer"- Kanu Nwankwo Denies Endorsing Tinubu [Video] "I'm Not A Politician But A Footballer"- Kanu Nwankwo Denies Endorsing Tinubu [Video]
Celebrities7 hours ago

“I’m Not A Politician But A Footballer”- Kanu Nwankwo Denies Endorsing Tinubu [Video]

Former Super Eagles forward, Kanu Nwankwo has denied reports that he endorsed the presidential candidate of the All Progressives Congress (APC),...

Don't Support Thieves, I'm Not Going To Steal Your Money And Make Excuses - Peter Obi Don't Support Thieves, I'm Not Going To Steal Your Money And Make Excuses - Peter Obi
News8 hours ago

Nigerians Remain Hopeful For A National Rebirth – Peter Obi

The presidential candidate of the Labour Party (LP), Peter Obi has said Nigerians are hopeful for a national rebirth. Peter...

close