Why we are taking loans, FG finally clears air amid criticism, gives two reasons

Why we are taking loans, FG finally clears air amid criticism, gives two reasons

- Hajia Zainab Ahmed has justified the federal government's continuous borrowings

- According to the finance minister, loans are being taken to improve the economy and build infrastructures

- Ahmed further explained that borrowing is not "misplaced" and the "level of borrowing is not unreasonable"

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The federal government has put forward defence for taking loans from international financial institutions and leading counties across the world.

Minister of finance, budget and national planning, Hajia Zainab Ahmed, said the country is taking loans in order to "improve our business environment and our economy."

Ahmed made this disclosure on Thursday, February 26, during the inaugural edition of the weekly special ministerial media briefing organised by the Presidential Communications Team (PCT.)

She described as sensitivity the comments and criticism that always trail the government's continuous borrowing," The Nation reports.

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Why we are taking loans, FG finally clears air amid criticism, gives two reasons
Zainab Ahmad, minister of finance, said Nigeria takes loans to grow the economy. Credit: @ZShamsuna
Source: Twitter

Hajia Ahmad further explained that Nigeria has a problem with revenue which can be solved by loans in order to grow the economy.

"There is a lot of sensitivity in Nigeria about the level of borrowing by the government and it is not misplaced. And I said earlier that the level of borrowing is not unreasonable, it is not high.
"If we say we will not borrow and therefore not build rails and major infrastructure until our revenue rises enough, then, we will regress as a country. We will be left behind, we won’t be able to improve our business environment," she justified.

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Meanwhile, Legit.ng reported that the United States Mission in Nigeria on Monday, February 15, posted photos of its dairy farm located in Ikun community, Ekiti state.

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In a post on Twitter and Instagram, the US mission revealed that it plans to reach 10,000 litres of milk daily produced locally from Nigeria.

The farm, which has the support of the Governor Kayode Fayemi-led administration in Ekiti, was established by the US consulate in Lagos in order to help "grow Nigeria and diversify its economy."

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Rahaman Abiola is a result-oriented journalist and content writer with a firm grip of over 5-year corporate experience stranding diverse roles in digital & traditional media and social media communication.

A published literary writer, freelancer and public commentator, he has written over 100 essays covering diverse issues on economy, politics and current affairs, entertainment and leadership published in virtually all notable Nigerian national dailies and digital media in Nigeria.

He is a graduate of English Literature, Obafemi Awolowo University, Ile-Ife. Follow him on Twitter via @ShugabanR.

Source: Legit

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