WRITTEN BY: Chioma Madonna Ndukwu
Nigeria’s Finance Minister, Wale Edun, stated that more borrowing is necessary to fund the government’s budget, despite the country’s N134 trillion debt. He argued, “The revenue effort has been good, but we still need to do better…we still need to borrow productively, effectively and sustainably.”
Senator Atiku Bagudu, Minister of Budget and Economic Planning, added that the N35.5 trillion 2024 budget requires borrowing to cover a N9.7 trillion deficit. However, the EFCC and RMFC suggested Nigeria could fund its budget without loans, with EFCC Chairman Ola Olukoyede noting the recovery of over N197 billion since January 2024.
The push for more borrowing, despite rising debt, is worrying, especially when alternatives like better revenue collection seem possible.
