The Minister of Finance, Zainab Ahmed has come to tell the public with her full chest that the level at which the country, Nigeria is borrowing loan is not unreasonable nor is it high yet.
She said Nigeria needs to borrow money to fund its building of infrastructures project.
She made this known when she was reacting to the critics surrounding Nigeria’s debt and borrowing money from other nations at regular intervals during a media briefing.
The level of Nigeria borrowing money was at 25% which is higher that her GDP as at December 31st, 2020.
She said ;
‘The level of borrowing is not unreasonable. It is not high. If we say we will not borrow and therefore we will not build rails and major infrastructure until our revenue rises enough, we will regress as a country. We will be left behind. We wouldn’t be able to improve our business environment and our economy will not grow.
We just need to make sure that when we borrow, we apply the borrowing to specific major infrastructure that would enhance the business environment in this country”