Two days after the finance minister, Kemi Adeosun, said the federal government must move away from debt in funding future budgets, she clarified her statement saying Nigeria has no choice but to continue to borrow in other to implement the Federal Government’s Economic Recovery and Growth Plan, ERGP.

Speaking at the quarterly presidential business forum in Abuja, Mrs. Adeosun said Nigeria needs to generate more money to fund its budget.
“We need to mobilise additional revenue to fund our budget,” she said.

“We have got to get our budget bigger and to do that we cannot borrow anymore. We simply have to generate more revenue, we have to plug the leakages, we have to improve tax collection so that we can manage our borrowing.”

However, in a statement signed by the Director of Information, Federal Ministry of Finance, Salisu Dambatta, on Thursday, Mrs. Adeosun said Nigeria will continue to borrow to fund its budget.

“Nigeria will continue to borrow. Nothing has changed,” her spokesperson quoted her as saying.
“The Economic Recovery and Growth Plan provides for an increase in spending over a three-year period, which is reflected in the 2017 budget.

“In 2017, the government is committed to spending N7.44 trillion, with a projected fiscal deficit of N2.356 trillion, which will be funded by a combination of domestic and international borrowing.

“Nigeria’s debt to GDP ratio is low when compared to our contemporaries in Africa, and across most of the developed world.

“We have headroom to borrow and are doing so aggressively in the short to medium term in order to address our infrastructure deficit and to stimulate growth,” she said.

Mrs. Adeosun said that in addition to borrowing, the government was working towards having a diversified revenue base to ensure that the country do not continue to overly rely on debt to fund the budget.

“To build a sustainable economy we must replace the debt that we are incurring in the short to medium term, with strong revenue sources.

“That is why the Ministry of Finance is focused on expanding our tax base, which we are doing with a range of initiatives which include the Voluntary Asset and Income Declaration Scheme (VAIDS).

“Also, the recruitment of Community Tax Liaison Officers (CTLOS) is to improve tax compliance in the long-term, and we are heavily focused on making government spending more productive and efficient.

“Nigeria cannot rely on debt indefinitely. We must be focused on a future where we can earn enough internal revenue to spend on the projects that will grow our economy,” she said.

Mrs. Adeosun said that for now however, increased spending, funded by debt, would act as a stimulus for growth.
(NAN)

three:
After this tenure those who are found to have sabotaged Nigeria through inept policies that further impoverish the weak and poor while continually enriching the highly placed and well connected should be made to face the FULL WRATH of the Law.

This is ADMINISTRATIVE MALFEASANCE!

Ehiscotch:

After this tenure?

three:


Could this be done during this tenure?

Ehiscotch:

What policies is he talking about?
No one is punished for formulating poor policies: they are only chastised.

three:

Do you know what malfeasance is?

dingbang:
Confused woman

BlowBack:
We just heard recently from this vapid empty head confusionist stating that Nigeria can not afford to borrow anymore
www.nairaland.com/attachments/5644890_img20170713135917_jpeg0dd5f2b4232350cc41f9ac897492f177
But recall just last year this olodo was at forefront shouting why we must borrow $30bn

www.nairaland.com/attachments/5644889_img201707131359301_jpeg67c7d4f0860847def41ae4ddf30cd331

Now she is at it again shouting we must borrow!

How does this woman's brain operate that she can't even remember what she said just 2 days back?


The incoming administration of Bukola Saraki must make this woman remit all allowances and salaries she got as serving minister and from there deport her back to her council flat in london

Ehiscotch:
Try to read and desist from posting nonsense.

BlowBack:


Sharap!

Tell that cun.t to get her sh1t together

Ehiscotch:

Borrowing to fund infrastructural projects is a welcome idea. She is only saying we should not be over dependent on borrowing and we should boost our revenue generation in order to service debts and fund other developmental projects.

itchie:


Stop defending incompetence

Ehiscotch:
Many of you have poor comprehensive skills.
We have to borrow but we should not be borrowing.
Reading the headlines alone can be very misleading.

Ehiscotch:

Borrowing to fund infrastructural projects is a welcome idea. She is only saying we should not be over dependent on borrowing and we should boost our revenue generation in order to service debts and fund other developmental projects.

BlowBack:


Am I the one borrowing?

Was she not the same idiot that was pursuing Buhari to borrow?

Even as commissioner of finance, ogun state all she knew how to do was help her sugar daddy bf borrow from banks

Kemi is clueless

BlowBack:
We just heard recently from this vapid empty head confusionist stating that Nigeria can not afford to borrow anymore
www.nairaland.com/attachments/5644890_img20170713135917_jpeg0dd5f2b4232350cc41f9ac897492f177
But recall just last year this olodo was at forefront shouting why we must borrow $30bn

www.nairaland.com/attachments/5644889_img201707131359301_jpeg67c7d4f0860847def41ae4ddf30cd331

Now she is at it again shouting we must borrow!

How does this woman's brain operate that she can't even remember what she said just 2 days back?


The incoming administration of Bukola Saraki must make this woman remit all allowances and salaries she got as serving minister and from there deport her back to her council flat in london

Nbote:


U dat have top notch comprehension skills, U shld know her presentation of d issue is absolutely ridiculous and contradictory. Her latest comment is supposed to b issued together with d first to give its complete meaning. She is terrible at speech giving

Ehiscotch:

Ngozi that said Nigeria needs to borrow to pay salaries deserves a medal in cluelessness.
But Ogun state has a better IGR than the SE.

BlowBack:


Shatap!

Ngozi said that with the backdrop of the increasing fuel subsidy due to high crude prices which said is making the fg to run a deficit and had to borrow to augment the huge wage bill.

She said this as a warning to why fuel subsidy must be discarded.

But you Afonjas gree?

BlowBack:


Shatap!

Ngozi said that with the backdrop of the increasing fuel subsidy due to high crude prices which said is making the fg to run a deficit and had to borrow to augment the huge wage bill.

She said this as a warning to why fuel subsidy must be discarded.

But you Afonjas gree?

Ehiscotch:
Then Kemi is saying that Nigerians should not rely on borrowing to fund budgets but instead increase its revenue generation and cut deficit.

Ehiscotch:

Don't get me wrong. I am not Yoruba.