The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Nigerian government needs more borrowings to fund its budget even though some Ministries, Departments and Agencies have surpassed their revenue target.
Edun said this during an interactive session of the Senate Joint Committees on Finance and National Planning and Economic Affairs on the 2025-2027 Medium-Term Expenditure Framework/Fiscal Strategy Paper.
According to him, the borrowing needs to be done productively and efficiently based on the Senate’s approval for proper funding of the budget.
“The revenue effort has been good, but we still need to do better, and in the meantime, we still need to borrow productively, effectively and sustainably all in the name to invest in a Nigerian economy.
“Not just infrastructure but also social services, health services, education and intervention in terms of social safety net to help the poorest and most vulnerable,” Edun said.
Giving a similar reason, the Minister of Budget and Economic Planning, Senator Atiku Bagudu reminded the lawmakers that the borrowing plans contained in the N35.5 trillion 2024 budget, were primarily meant to fund the N9.7 trillion deficit.
“Despite revenue targets surpassing by some of the revenue generating agencies , government still needs to borrow for proper funding of the budget , particularly in the area of deficit and productivity for the poorest and most vulnerable .
“We a long term development perspective plan agenda 2050 aiming at GDP per capital of $33,000,” Bagudu explained.
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