By Adenike Lucas
The economy might have “officially” slipped into recession last month, but, the Minister of Finance, Mrs Kemi Adeosun has moved to reassure Nigerians of new plans to fund infrastructural development.
Speaking at a town hall meeting / policy dialogue at the Shehu Musa Yar’adua Centre in Abuja on Tuesday 9 August, Mrs Adeosun informed those present that the APC-led Government was going to do things differently from the previous Government when it comes to borrowing.
“We have to borrow to implement on the project we are embarking on. We cannot wait for oil to improve,” she said.
In the past, she notes that borrowing was done to “pay salaries.” This time, the Ogun state indigene who said that the Government has no choice but to take a loan, expressed that borrowing will be used to invest.
“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 duly concerned about borrowing; we have to borrow; we have no choice.
The University of East London graduate has introduced a number of fiscal reform plans, one of which has helped to remove thousands of ghost workers from the Government pay roll.
At the event titled: “Towards Effective Implementation of the 2016 Budget, she reassured Nigerians that the Federal Government “will borrow as strictly as possible.
“We will borrow sustainably; we would borrow conservatively to make sure that we don’t burden future generation.”
The meeting which was hosted by the Alumni Association of the National Institute for Policy and Strategic Studies, AANI was also attended by the Minister of Power, Works and Pension, Mr Babatunde Fashola, SAN; Minister of Environment, Mrs Amina Mohammed; Minister of Budget and Planning Senator Udoma Udo Udoma; Minister of Information and Culture, Alhaji Lai Mohammed and the Sultan of Sokoto, Alhaji Mohammed Sa’ad Abubakar.