Nigeria’s finance minister, Kemi Adeosun, has revealed that, “at this point, Nigeria has no choice but to borrow — to invest in the Nigerian economy”.
Adeosun said this at a town hall meeting in Abuja, that the federal government is very conscious and conservative about its borrowing, so as not to leave a heavy debt burden for future generations.
“We urgently need to do the railing system to enable agriculture and solid minerals to be competitive, so I really don’t see that there is any option than to borrow.
“We have a very conservative borrowing programme, and we must borrow; because to do rail — the rail that we have now was done in the colonial era — there has been really significant upgrade,” she said.
“The difference is that, we’ve been borrowing in the past to pay salaries; now we borrow to invest in infrastructural development.” she said.
She held that, the size of the public sector is an evidence of the failure to develop private sector, adding that the latter should be the major employer in the country.