The federal government on Thursday again maintained its stance on why it will continue to source for external loans to execute infrastructural projects across the country.
It also plans to send the 2021 supplementary budget to take care of COVID-19 palliatives to the National Assembly for approval in March. Borrowing to finance the budget is the only option available according to the Minister of Finance, Zainab Ahmed.
The Minister who made this known during a press briefing at the State House, Abuja justified the need for government to continue to source for external funds to provide basic infrastructural facilities, saying: “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 and our economy will not grow.”
She also hinted of plan by government to present a 2021 supplementary budget to provide for COVID-19 palliatives to the legislative arm for approval by March, while a mid-year review of the budget will take place in June. Although, she failed to explain on how the government and subsequent administrations will pay for the loans. It is estimated that N10 trillion is owed by the Nigerian government on behalf of future generations.