Kemi Adeosun, minister of finance, says Nigeria, at this point, has no choice but to borrow — to invest in the Nigerian economy.

Speaking at a town hall meeting in Abuja, Adeosun said the federal government is very conscious and conservative about its borrowing, so as not to leave a heavy debt burden for future generations.“

We have a very conservative borrowing programme, and we must borrow; because to do rail — the rail that we have now was done in the colonial era — there has been really significant upgrade,” she said.

“We have urgently to do rail to enable agriculture and solid minerals to be competitive, so I really don’t see that there is any option than to borrow.

“We will borrow sustainably; we would borrow conservatively to make sure that we don’t burden future generation.”

Adeosun however added that the government would be different in its approach to borrowing this time,and would not borrow to fund recurrent expenditure. Rather, it will be to fund infrastructural development.

“The difference is, we’ve been borrowing in the past to pay salaries; now we borrow to invest,” she said.

“When you borrow to invest, there is an expectation that there will be additional revenue that will service those borrowings.

“I think that is the clear difference. I don’t think people should be unduly concerned about borrowing; we have to borrow, we have no choice but we will borrow as strictly as possible.

“This is why we have approached the World Bank and export credit organisations that provide concessional loans. We are taking concessional loans before going for commercial loans.”

She said the size of the public sector is an evidence of the failure to develop the private sector, adding that the latter should be the major employer in the country.

Adeosun said investments must bemade in infrastructure to create an environment for the growth of the private sector.

https://www.thecable.ng/nigeria-has-no-other-option-but-to-borrow-says-adeosun?_e_pi_=7%2CPAGE_ID10%2C7022720258

Even their countenance and gesticulations from the picture shows how confused and clueless they are.

Govt of *we will*... You ought to have borrowed since. You have only 2years left o before you are kicked out! Trust me.

Empty brain woman. You obviously lacks what it takes to oversee Nigeria's economy

Good Governance is rocket science.

huh..

what about the recovered funds?
What about money from TSA
What about the revenue from the removal of subsidy of PMS
What about the Nigerian-China deal? ?

crixtex:
huh..

what about the recovered funds?
What about money from TSA
What about the revenue from the removal of subsidy of PMS
What about the Nigerian-China deal? ?

and also, how about the funds sourced from crude oil exportation?

The oil Price increased to $45 recently so they ought to be receiving about double of what they were receiving before

Oil rises to $45 after OPEC president’s prediction https://www.thecable.ng/oil-rises-45-opec-presidents-prediction

Pls somebody wake me up from dis nightmare...wat is all dis?how did we get here?in d hands of dis crooks clueles dull brain government chaiiii bubuhari there is God o

I laff in China

Mosquito Economic team

We warned Nigerians about the so called bogus budget that buhari presented which makes no economic sense but only few Nigerians were smart enough to see truth in what we were saying then.

Is it after May 2019 that we will reap the rewards of Mr President's trip to China?

a whole minister of finance said all this, everything she said sound so ordinary and similar to a common nairaland zombie

crixtex:
huh..

what about the recovered funds?
What about money from TSA
What about the revenue from the removal of subsidy of PMS
What about the Nigerian-China deal? ?

Good question ..I can't trust Buhari with my small goat as it is the man will eat it and tell me stories

Let me not see any of you economic illiterates in either Beijing or Shanghai with your almajiris plates because I will lead the protest agsinst you all for mismanagement and mortgaging the future of unborn zoogerians

blueto:

Even their countenance and gesticulations from the picture shows how confused and clueless they are.

Compare..

cktheluckyman:
Empty brain woman. You obviously lacks what it takes to oversee Nigeria's economy

When I see you people criticise others, I just keep wondering how exactly you guys "made it though".

onatisi:
We warned Nigerians about the so called bogus budget that buhari presented which makes no economic sense but only few Nigerians were smart enough to see truth in what we were saying then.

I remember when u made this comment

Progressive01:
Compare..

Very silly of a typical zombie.
You captioned a photo out of acrimony and you want me to make appraisal on it.

Well, what I see there is a Man cogitating on what ideal and rational decision to make at that particular time, unlike the certificateless cow rearer that looks confuse and lost

Progressive01:
When I see you people criticise others, I just keep wondering how exactly you guys "made it though".

That was clearly an auto correct error

hmm Nigerians, it is well.

*Why most States can't pay salaries of workers and the many ills of our economy.* THIS IS AN ASSESSMENT ON AN INSTITUTION WITH ALL POLITICAL PARTIES. *NOT A DISCUSSION ON ANY POLITICAL PARTY.*

21 senators currently receive pensions from government as ex-governors and deputy governors.

The current senators who once served as governors are *Bukola Saraki* of Kwara, *Rabiu Musa Kwankwaso* of Kano, *Kabiru Gaya* of Kano, *Godswill Akpabio* of Akwa Ibom, *Theodore Orji* of Abia, *Abdullahi Adamu* of Nasarawa, *Sam Egwu* of Ebonyi, *Shaaba Lafiagi* of Kwara, *Joshua Dariye* of Plateau *Jonah Jang* of Plateau, *Aliyu Magatakarda Wamakko* of Sokoto, *Ahmed Sani Yarima* of Zamfara, *Danjuma Goje* of Gombe, *Bukar Abba Ibrahim* of Yobe, *Adamu Aliero* of Kebbi, *George Akume* of Benue and *Isiaka Adeleke* of Osun.

*The former deputy governors in the Senate*
are *Ms Biodun Olujimi* of Ekiti and *Enyinaya Harcourt Abaribe* of Abia. *Danladi Abubakar Sani* served as the acting governor of Taraba state.

Many *former governors* are also in Buhari's Cabinet as Ministers. This includes: *Ngige, Fayemi, Amaechi and Fashola (SAN)*

In Akwa Ibom State, the law provides that ex governors and deputy governors receive pension equivalent to the salaries of the incumbent. The package also includes a new official car and a utility vehicle every four years; one personal aide; a cook, chauffeurs and security guards for the governor at a sum not exceeding N5 million per month and N2.5 million for his deputy governor.

In Rivers, the law provides 100 percent of annual basic salaries for the ex-governor and deputy, one residential house for the former governor “anywhere of his choice in Nigeria”; one residential house anywhere in Rivers for the deputy, three cars for the ex-governor every four years and two cars for the deputy every four years.

It is alledged that in Lagos, a former governor will get two houses, one in Lagos and another in Abuja, estimated at N500 million in Lagos and N700 million in Abuja. He also receives six new cars to be replaced every three years; a furniture allowance of 300 percent of annual salary to be paid every two years, and a N30 million pension annually for life.

This is the reality for all the 21 ex govenors and deputy governors who are currently serving as senators. This same is also true of ex governors who are now serving as Ministers.

NOW I ASK:
How many years did these guys serve their states as governors and deputy governors? Is it more than 8years? Is that a reason to be entitled to these *bogus and mind bugling* pensions for life? Even if they are entitled to pension for life, must it be so outrageous? Do they have two heads? A man puts in 35years of his life in service, he ends up with a fraction of his earnings as pension. Some politician does 8years and for life he doesn't have to work again.

As if that is not enough: HOW on earth can any public servant with conscience collect salaries and allowances as a senator or minister, and still have the audacity to claim pensions equivalent to the salaries of a serving governor in Nigeria?

IT ISN'T ROCKET SCIENCE......

Once you are elected a senator or appointed a minister, *you must forfeit any pension accruing to you from government at any level until you vacate office.* This should also apply to senators collecting military pensions like former Senate President *David Mark.*
Yet these senators are in the Senate that is inviting the current finance minister to discuss the recession of Nigeria's economy. *A senator pockets approximately 30 million naira monthly as salary and allowances.* Our so called *"honourables"* are *NOT* interested in making laws that could restructure our country into economically autonomous federating States/Regions to save the country from sectional agitations that is threatening to destroy Nigeria. Why should they? They are feeding fat the way things are now. The sad and hopeless situation is that the rest of Nigerians are busy arguing based on party, and ethnic affiliations while these enemies of state continue to rape us.

Do you know that it costs tax payers *290m Naira yearly to maintain each member of our National Assembly* in a country where nothing works & 80% of the population earn below 300 Naira a day? A *working day earning* of a senator is MORE than a yearly income of a doctor; it's more than the salary of 42 Army generals or 48 professors or 70 commissioners of police or more than twice the pay of the US president or 9times the salary of US congressmen.

Please say NO to this looting of Nigeria in the name of democracy by sending this text to at least 5 others.

*I believe this country must have a referendum on salaries of all our law makers.* This must happen very quickly

Nigeria is not even credit worthy so nobody wants to _fuck with her.

I wonder what happened to the over $300 billion recovered along with the trillions trapped inside TSA?Even the celebrated Chinese Yuen has turned into occult like Aisha Halliburton visit to America.

wat happens to d $10 billion recovered loots by efcc i thought buari cassandra's govt claimed dat non oyel revenues ar on d increase why not improve on dat instead of borrowing
lies n propaganda will finish dis govt before 2019.

Dullards everywhere

My question here is,how are they planning to pay back all this money they're borrowing and owing different countries?how country won take progress when all you do is borrow here and borrow there?

Go and borrow joor. You and ur dullaard came in with the mindset to come and sit down, answer sheriff and command the petrodollar without knowing that you put things in place to have an easy going.


Probably u and ur bubu would want to have a peaceful NigerDelta, crude selling at 199 dollar a barrel, so that u lazy about and answer leaders for nothing without making use of ur brain just as u are doing now.


Buhari pls get done quickly and leave with ur badluck


Last administration is not the cause of our problem, presence of Buhari is.



Among all countries that the decline in crude price hit, it is only Nigeria that are not putting in measures to check the economy rather dwell in accusing past administration.


Imagine bubu and Apc dwelling in the past while tomorrow is already here.

Progressive01:
[s]When I see you people criticise others, I just keep wondering how exactly you guys "made it though"[/s].

so how did you become a minion to the ‘fantastically corrupt’ Bubu that made plethora infelicitous blunders?

A president that Forgot the name of his vice-presidential running-mate. Called him Yemi Osunbade instead of Yemi Osinbajo.
Told President Obama the name of his political party is the All Nigeria’s Peoples’ Congress when it is All Progressives Congress. Call hia party on CNN the All Progressives Confidence.

Told Al Jazeera INEC means Independent Nigerian Electoral Commission instead of Independent National Electoral Commission. Even though West Germany ceased to exist in 1999 and the current German president is Joachim Gauck, referred to German Chancellor, Angela Merkel as “President Michelle of West Germany.”

How such a person was able to indoctrinate or subjugate an ‘erudite’ still amazes me.

Actually we have an option. We can no longer support House of rep and senate at the same time, therefore one of them should be scrapped.