Friday, November 16, 2018
Advertisement

Adeosun: No apologies for borrowing to end recession

Adeosun: No apologies for borrowing to end recession
April 20
12:06 2018
Advertisement

Kemi Adeosun, minister of finance, says the current administration has no apologies for borrowing to end recession.

In 2016, Nigeria’s economy slipped into its worst recession in 29 years and the government deployed various debt instruments like Eurobonds, Savings bond and Sukuk to raise funds.

Speaking with journalists on the sidelines of the ongoing Spring meetings of the International Monetary Fund and World Bank Group in Washington D.C, Adeosun said the government acted in the interest of Nigerians.

“There were two options to end recession; one was cut back, lay people off and wait for oil prices to recover or be more aggressive, expand your budget, take on more debts and invest in infrastructure in hope that you will get growth going to develop more revenue,” she said.

“We’ve expanded our budget, we pumped money into the economy, we made sure recession was not prolonged. We are now back into growth, we need to accelerate that growth and focus on revenue mobilization which in turn will reduce our debt pressures.

“If we were still in recession, we’d have far bigger problems. I think what people haven’t realised is how much work had to be done to make sure that that recession was as short as possible because that would have caused real pain for the people. We shortened it, we had to borrow to do so and we make no apologies for that.”

She added that Nigeria did not need the World Bank to monitor its debt, saying the country has the Debt Management Office (DMO), various committees and 185 million citizens as monitors.

She was reacting to the World Bank’s comments on helping countries monitor their debt levels.

“We don’t need the World Bank if they want to come and help us, great but we don’t need them,” she said.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement
Advertisement

Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement