Nigerian news All categories All tags
No apologies for borrowing to end recession - Adeosun

No apologies for borrowing to end recession - Adeosun

- Femi Adeosun, the minister of finance said if Nigeria were still in recession, the country would have had bigger problems

- Adeosun noted that the country needs to focus on revenue mobilization which in turn will reduce the debt pressures

- She maintained that Nigeria does not need the World Bank to monitor its debt

Femi Adeosun, the minister of finance, declared that the current administration has no apologies for borrowing to end recession adding that the government acted in the interest of Nigerians.

The Cable reports that Adeosun said if Nigeria were still in recession, the country would have far bigger problems.

According to her, ''I think what people haven’t realised is how much work had to be done to make sure that that recession was as short as possible because that would have caused real pain for the people. We shortened it, we had to borrow to do so and we make no apologies for that.

READ ALSO: President Buhari, Aisha hosted to a dinner by Queen Elizabeth II in London (photos)

''There were two options to end recession; one was cut back, lay people off and wait for oil prices to recover or be more aggressive, expand your budget, take on more debts and invest in infrastructure in hope that you will get growth going to develop more revenue.''

''We’ve expanded our budget, we pumped money into the economy, we made sure recession was not prolonged. We are now back into growth, we need to accelerate that growth and focus on revenue mobilization which in turn will reduce our debt pressures.

''If we were still in recession, we’d have far bigger problems. I think what people haven’t realised is how much work had to be done to make sure that that recession was as short as possible because that would have caused real pain for the people. We shortened it, we had to borrow to do so and we make no apologies for that.''

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

She added that Nigeria did not need the World Bank to monitor its debt, saying the country has the Debt Management Office (DMO), various committees and 185 million citizens as monitors.

She was reacting to the World Bank’s comments on helping countries monitor their debt levels.

Adeosun said: ''We don’t need the World Bank if they want to come and help us, great but we don’t need them.''

Meanwhile, Legit.ng had reported that Adeosun said the whistle-blower policy of the government has yielded about N123 billion.

Adeosun, who spoke at an evaluation workshop on the whistle-blower policy and asset tracing team organised by the presidential advisory committee against corruption in Abuja said the federal government had received 8,373 enquiries and 1,231 tips since the policy was introduced in 2016.

She also said federal government was planning to review the whistle-blower policy to make it more effective.

Nigerians disagree with Buhari's govt over claims that recession has ended - On Legit.ng TV:

Source: Legit.ng

Mailfire view pixel