The Federal government says it will not stop to source for external loans to implement infrastructural projects across the country.
It also plans to send 2021supplementary budget to take care of COVID-19 palliatives to the National Assembly for approval in March
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made these known on Thursday at a maiden special media briefing by the MDAs organized by the Presidential Communications Team at the Presidential Villa, Abuja.
Mrs Ahmed justified the need for government to continue to borrow to provide basic infrastructural facilities, saying: “If we say we will not borrow and therefore not build rails and major infrastructure until our revenue rises enough, then, we will regress as a country, we will be left behind, we won’t be able to improve our business environment and our economy will not grow.”
Responding to question on excessive Chinese loans taken by the country and consequences on debt servicing, she explained: “On the issue of Chinese loans, if I may be permitted to speak to the question by the business.
“I think it’s useful to look at the budget for each year; look at the revenues, look at the expenditure, if you take out the new borrowing, really, what will the size of the budget be? How much can the government spend?
She also disclosed plans by government to present a 2021 supplementary budget to provide for COVID-19 palliatives to the legislative arm for approval by March, while a mid-year review of the budget will take place in June.