We Are Borrowing Sensibly, Responsibly — FG

Hamilton Nwosa
Writer
Nigeria’s Non-oil Revenue Grew By 15.7% — Minister
Minister of Finance, Zainab Ahmed

Ad

SERAP Writes Tinubu, Demands Transparency in INEC’s Boss nomination

By Abiola Olawale The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to unveil the details of the selection process for the next Independent National Electoral Commission (INEC) chairman. With Professor Mahmood Yakubu's decade-long tenure set to expire in November 2025, SERAP warned that opacity in the appointment of the next…

Dangote Refinery: Crisis Cripples oil, gas supplies as PENGASSAN Declares Nationwide Strike

By Abiola Olawale In an escalation of tensions in Nigeria's oil and gas sector, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has announced an indefinite nationwide strike starting Monday, September 29, 2025. The move comes in response to what the union described as the "unlawful dismissal" of over 800 Nigerian workers…

5 Countries That Offer Loans For Buying Property Overseas

Securing a mortgage for the purpose of buying property overseas is possible in select countries. It’s true that it can be more challenging, as many foreign banks are cautious about lending to non-residents. It’s also true that the terms will likely be different from what you’re used to, especially if you’re American. Don’t expect a…

Ad

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the borrowing level for Nigeria is still at 23 per cent of the Gross Domestic Product (GDP), adding that government borrowing is sensible and responsible.

Ahmed said this while addressing newsmen on the recent rise in the country’s GDP in Abuja on Monday.

The News Agency of Nigeria (NAN) reports that the National Bureau of Statistics (NBS) recently announced the GDP growth of 5.01 per cent for Q2 2021 for the country.

She explained that the government was borrowing to invest in critical infrastructure like: power, water, roads and rails required to enhance business productivity in the country.

“We are borrowing with a very close consideration to the sustainability of the borrowing. The borrowing level for Nigeria today is still 23 percent of the GDP.

“I have said it several times that the problem we have in Nigeria is that of revenue and when you look at the country that are within the peer group with Nigeria, there are some that had 50 per cent growth that are now at about 70 per cent growth.

“We are at 53 despite the escalated borrowing we had to deal with in 2020 also in 2021 to get a good grip on the economic situation that was occasioned by COVID-19 pandemic and in our case due to the crash in crude oil price.

“We are borrowing sensibly we are also borrowing to invest in critical infrastructure like power, water, roads and rails which are investments that are required to enhance business productivity in the country today.

“These businesses will grow, they will not only pay taxes, they will also employ people. If we don’t do this, we will regress even from where we are today. It is a necessary investment so we are borrowing responsibly.

“We are making sure what we are borrowing is applying to major infrastructure that will return revenue in the near future” she explained. (NAN)

 

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp