By Dipo Olowookere

Minister of Finance, Mrs Kemi Adeosun, has disclosed that it was time the country stopped borrowing to fund its budget.

Speaking today at the Presidential Quarterly Business Forum (PQBF) in Abuja, the Minister said instead of incurring additional debts to finance the budget, government will now make efforts to raise its revenue through taxes and others.

“We need to increase our budget size, but we can’t depend on borrowing anymore, so we have to improve revenues and block leakages,” Mrs Adeosun said at the business forum.

The Minister’s position on Tuesday suggests that the Federal Government will no longer press forward with the $2 million loan deals from the World Bank and African Development Bank (AfDB), which have stalled for almost a year.

The loans, especially from the World Bank and the International Monetary Fund (IMF), had been dragging after both bodies insisted on having blueprints of the Nigerian government on how it intends to utilise the funds and repay.

They also insisted on the FG putting in place critical fiscal policies, which have not been met.

Speaking further at the forum today, the Finance Minister said part of the efforts to raise government’s revenue was the introduction of Voluntary Assets and Income Declaration Scheme (VAIDS) by the Acting President, Mr Yemi Osinbajo, last month, precisely on June 29.

“This is why we’ve introduced VAIDSNG. A window of opportunity for Nigerians, individuals and companies, to regularize tax status,” the Minister said.

“We are reviewing tax waivers/exemptions and also reforming our revenue generating agencies. The Acting President, Prof Yemi Osinbajo has signed an Executive Order to support this,” Mrs Adeosun added.

Last month, the Acting President signed the 2017 budget pegged at N7.44 trillion. This came about a month after it was passed by the parliament.

It was disclosed then that more than 50 percent of the N2.21 trillion deficits in the 2017 budget would be funded through external borrowing.

Part of the 2017 budget, according to the government, is also to be funded with funds recovered from looters.

Business Post recalls that Minister of Budget and National Planning, Mr Udo Udoma, during the breakdown of the 2017 appropriation bill in Abuja in June 2017, said about N560 billion recovered from looters would be used to finance part of the 2017 budget.

“On recoveries, we are being extremely conservative; what is in the budget is what we know about already. So, if more comes, we will use it.

“Know that recoveries of looted funds are not the most dependable way to finance the budget because of the legal processes that have to be concluded before it can be spent.

“So, the money quoted in the budget is the one we have already recovered and in our pocket to spend as we wish,” Mr Udoma had explained.

Nigeria tripped into recession last year and has been making efforts to get out of it. There have also been promises from the government that the country would quit recession before the end of this year.

http://www.businesspost.ng/2017/07/11/nigeria-may-stop-borrowing-fund-budget-adeosun/

Ok

Borrowing is our way. If Nigeria splits today what happens to our debt? I hope they split it according to federal allocation.

Desyner:
Borrowing is our way. If Nigeria splits today what happens to our debt? I hope they split it according to federal allocation.

...Most reason they won't allow Nigeria's disintegration.


What justification does Nigeria have for Borrowing to finance hyper-padded budget??.................Corruption!

Borrowing to finance Corruption and retrogression/darkness!

*Spits!


God bless NK

The Acting President, Osibanjo has taught the Finance Minister some lessons on Economics.


Good one from Osibanjo.


To Kemi Adeosun, there are still more vital lessons to learn from the Acting President.

2 years on & they still don't know what to do?
talk about being unprepared to lead...

The loans, especially from the World Bank and the International Monetary Fund (IMF), had been dragging after both bodies insisted on having blueprints of the Nigerian government on how it intends to utilise the funds and repay.

They also insisted on the FG putting in place critical fiscal policies, which have not been met.

So, rather than meet these fundamental requirements, they've chosen to look for funds that they don't have to be accountable for? Funds that their utilisation cannot be tracked through a blueprint that should guide expenditure and development projects? This is such a crying shame! No matter the sources of income, do we not still need those critical fiscal policies? When will Nigeria get its act right?

Nice One

One day Our Farm Lands Will be turned into what they call Cities.

And there will be nothing for Nigerians to Eat.

When would Nigerians Wake up from the lies of the Government.?

See headline topic from this woman. "May" stop borrowing?..seriously.

Under Ngozi Okonjo headlines read "Nigeria now Africa's richest economy" or "Nigeria 5th fastest growing economy" or "banks to increase interest rate".

It's sad to see how low we've sank. It's even sadder that no one seems to care

News wey de burst brain.

raker300:
See headline topic from this woman. "May" stop borrowing?..seriously.

Under Ngozi Okonjo headlines read "Nigeria now Africa's richest economy" or "Nigeria 5th fastest growing economy" or "banks to increase interest rate".

It's sad to see how low we've sank. It's even sadder that no one seems to care

just shut up!

modik:


...Most reason they won't allow Nigeria's disintegration.


What justification does Nigeria have for Borrowing to finance hyper-padded budget??.................Corruption!

Borrowing to finance Corruption and retrogression/darkness!

*Spits!


God bless NK

Please if you don't know anything about basic Economics, just keep quiet or research on Google to help you out.

Kindly type "How Debts are shared in a nation where a country secedes from it". You will get a clue

wristbangle:


Please if you don't know anything about basic Economics, just keep quiet or research on Google to help you out.

Kindly type "How Debts are shared in a nation where a country secedes from it". You will get a clue

Basic economics teaches:

- how to prioritise your expenditure based on your income.

- How to manage[not mis-manage] your scarce resources.

- How to balance your demand an supply.

without any equivocation, Nigeria is not poor to depend on loan for budget financing?

Is Nigeria Poor?

Keep supporting systemic inefficiency with your massive knowledge of basic economics

modik:




Basic economics teaches:

- how to prioritise your expenditure based on your income.

- How to manage[not mis-manage] your scarce resources.

- How to balance your demand an supply.

without any equivocation, Nigeria is not poor to depend on loan for budget financing?

Is Nigeria Poor?

Keep supporting systemic inefficiency with your massive knowledge of basic economics

Am glad you did some research or perhaps u have some knowledge about basic economics.

Now go research on what I told you to do and stop diverting from the main discussion.

Expecting your feedback soon

Desyner:
Borrowing is our way. If Nigeria splits today what happens to our debt? I hope they split it according to federal allocation.

The debt would be divided according to utilisation. Eg. A debt taken to finance a road in SW would be picked up by that Region. Other debts non classified would be shared using the revenue formula.

everything is MAY to this woman




she is never objective

Ok

make dem cut the ridiculous amount our senator collect as salaries, enough of sleeping allowance, bleeping allowance, wardrobe allowance, standing allowance, health allowance just make their salaries not more than times two of the minimum wages.

the fund scraped from those sinator will go a long way in developing this underdeveloped kantry.

Like Sanusi said, at 97000 per month per graduate, the NASS budget can employ and pay closed to 200,000 graduates per annum without a hitch.

Cut NASS budget, let's see front from there.

Noooooo. We must kip borrowing

No Mrs minister.Nigeria should continue to borrow.
Borrow pose country. Useless and pathetically hopeless country where they borrow and beg for virtually everything.

*You borrow to enable your politicians sleep with wh0res.
*You borrow to enable Boko Haram drink table water.
*You borrow to build more houses in Abuja for lizards and domestic rats.
*You borrow to feed docile states with Lazy and religious fanatical governors.One just blamed meningitis on STD.
*you borrow to make Nigerian senators the highest paid in the world, yet theost useless entity ever graced mother earth.
*You borrow to make thieving politicians too fat that they only snore and open their saliva oozing mouth during plenary.
*You borrow to treat VVF and polio in the North,yet still feed them to encourage them to take vaccines. What nonsense!!
*You borrow yet there are no viable seaports except for Lagos seaports
*You borrow so our senators will have thr3esome with prostitutes.
*You borrow so our VP can travel all the way from Nigeria to UK for a less than an hour imbecilic chat with a half dead president.
*you borrow so you can import same oil drilled from your backyard


Continue to borrow. Borrow pose.

Always MAY..... why not September?

Nigeria MAY Stop Borrowing

I thought it was Nairaland To Stop Borrowing.

what other option do they have

Nhmmm. Nigeria have incured lots of bad debt..

Check my signature.. You'll love it

It makes sense to borrow if the borrowed funds create growth; hence the capacity to generate wealth greater than the amount borrowed in the long run.

Borrowing and debt servicing are integral parts of budgets in every economy in the world.

However, it may be unwise to borrow when you are not using the money to stimulate growth only to borrow again next year, creating a snowball of debt.

However, in my opinion, it's even better to make sure we use borrowed funds to grow.

In other words, stamp out corruption, and run the economy the normal way.

Nigeria may..

Nigeria will...

Nigeria might...

Nigeria should...

Nigeria would...


Words they've been using to deceive Nigerians since forever.