‘Why Nigeria needs to borrow’- Minister of Budget and Planning

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‘Why Nigeria needs to borrow’- Minister of Budget and Planning

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Senator Udoma Udoma, the minister of Budget and Planning has announced that the borrowings of the country are needed solely to fund infrastructural projects.
Senator Udoma Udoma

Senator Udoma Udoma

He announced this while briefing the Assistant Secretary for Multilateral Affairs of the Trade and Policy Department at the French Treasury, Guillaume Chabert in Abuja.He stated that an investment in infrastructure was a guaranteed way of restoring the country back to growth and sustainable development. He also said that looking for new sources of revenue and addressing revenue leakages were ways out of the current economic recession.He explained that the government was exploring internal ways to source for revenue but also there was a need to borrow from external sources to fund infrastructural projects. He also noted that the nation should upgrade its oil revenue and stop depending solely on oil.The Assistant Secretary, Mr. Chabert announced that the French government was willing to aid the nation overcome its economic challenges as they were interested in the success of the nation.

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