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Borrowing Brought Nigeria Out Of Recession – Finance Minister

Published

3 years ago

Oct 8, 2021.

Recall that the minister had said Nigeria will fund its 2022 budget deficit, pegged at ₦6.258 trillion, through fresh borrowings

Minister of Finance, Budget and National Planning, Zainab Ahmed has again backed recent borrowings by the Federal Government, maintaining that they were instrumental to the country’s exit from economic recession.

Ms. Ahmed stated this on Friday during the Public Presentation and Breakdown of the 2022 Appropriation Bill.

“Having witnessed two consecutive recessions, we have had to spend our way out of recession which contributed significantly to the growth of our public debts,” the minister stated in Abuja, one day after President Muhammadu Buhari presented the Appropriation Bill to the National Assembly.

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

Recall that the minister had said Nigeria will fund its 2022 budget deficit, pegged at ₦6.258 trillion, through fresh borrowings.

According to her, the borrowings have helped the federal government in providing infrastructure to boost the economy.

“Borrowings are essential to enable us to deploy necessary capital expenditure and invest in human capital development,” she explained.

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