26th November 2024, NewsOrient, News

Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has explained to the Senate why President Bola Ahmed Tinubu-led Federal Government needs more loans.

Chief Edun told the lawmakers that “Nigerian government needs more borrowings to fund its budget even though some Ministries, Departments and Agencies have surpassed their revenue target.”

The minister said this during an interactive session of the Senate Joint Committees on Finance and National Planning and Economic Affairs on the 2025-2027 Medium-Term Expenditure Framework/Fiscal Strategy Paper.

He said: “The revenue effort has been good, but we still need to do better, and in the meantime, we still need to borrow productively, effectively and sustainably all in the name to invest in a Nigerian economy.

“Not just infrastructure but also social services, health services, education and intervention in terms of social safety net to help the poorest and more vulnerable.”

NewsOrient reports that, government’s continuous decision to acquire fresh loans notwithstanding the heavy debt burden weighing down the country has become a subject of stiff criticism of the Tinubu’s government.

Most critics of the current government, referring to the ever increasing hardship in the country wonder why the Bola Ahmed Tinubu-led Federal Government of Nigeria should not look at alternative means of reducing hunger and hardship in Nigeria?

Amongst top political figures that recently criticized the latest request for a fresh foreign loan is former Vice President, Atiku Abubakar,.

Alhaji Abubakar described the loan request as “bone-crushing” to Nigerians.

The former Vice President, who also contested the Presidential Election in 2023 had written on his X handle last Thursday that: “These @officialABAT’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized.”

Photo Credit: Federal Ministry of Finance

~ NewsOrient

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