The Minister of Finance and Coordinating Minister for the Economy, WALE EDUN on Thursday said the country cannot rely on borrowing to fund the 2024 budget.
EDUN handed this down when he appeared before the joint Senate Committee interrogating the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper chaired by Senator SANI MUSA.
The finance minister told the joint panel that the best way Nigeria can fund its annual budgets is to spend more money on infrastructure.
He noted that Nigeria has an existing borrowing profile and the Ministry’s direction of tariff is to reduce the quantum of borrowing or intercepting deficit financing in the 2024 budget.
The government needs to not just maintain its activity, it needs to spend more. If you look at government spending, if you look at the budget as a percentage of GDP, ours is one of the lowest being 10%, even Ghana is at 25%, and rich ones they are 50%.”
The Minister was accompanied to the upper chamber by the Executive Chairman, Federal Inland Revenue Service, FIRS, ZACCH ADEDEJI and the Director General of the Debt Management Office, PATIENCE ONIHA ,