Nigeria’s Minister of Finance, Zainab Ahmed, has said that the country was grappling with huge development deficit and lack of sufficient funds to address the problem.
The minister, during an interview with CNBC News, said these problems made it necessary for Nigeria to borrow in order to solve them. "We put a lot of emphasis on being transparent in our borrowing. We have a debt management office that was set up by law. On a quarterly basis...” She said Nigeria’s debt is at N25trn , adding that country does not have a debt problem but a revenue problem.
Asked how the government was ensuring that Nigeria's debt was sustainable, the minister said the country conducts regular debt sustainability analysis. “The debt service is what is an issue and we need not reduce debt only but to increase revenue so that the debt service becomes easier and also the management of government becomes easier.She also said with the new tax regulation, the government will eliminate tax for small businesses and reduce the burden on medium scale businesses.
FinMinNigeria The money borrowed for CCTV IN ABAJU HOW FAR? NO MORE BORROWING! Cut down the cost of Governance, Turn Our Natural Resources to what they are (Money) and Use! Do Not Borrow Our Future Away in the name of infrastructure wen we no de see! PAY BACK ALL OUTSTANDING LOANS NOW!
FinMinNigeria And you keep on borrowing
FinMinNigeria Oh,now you wanna be prudent,right