Obasanjo Recommends Borrowing To Fix Nigeria’s Economy

A former president of Nigeria, Olusegun Obasanjo has advocated borrowing to finance critical sector of the nation’s economy, especially in the face of the current economic recession.

He gave the advice at the opening session of the National Council on Finance and Economic Development, held in Abeokuta, the Ogun state capital with the theme ‘Enhancing Revenue Generation and Obtaining Best Value for Money in Expenditure’.

He explained that there was need to spend less on goods that the nation can do away with, earn more from the manufacturing sector and borrow to finance the economy.

The former president also advocated financial discipline with necessary political will to implement the various policies and programmes of government aimed at taking the country out of the recession.

The former president raised his voice against the constituency projects by members of the National Assembly, saying this must stop.

The Finance Minister, Mrs Kemi Adeosun, seized the occasion to highlight some of the policy framework being put in place by the federal government, just as the Ogun State Governor, Ibikunle Amosun, called for a paradigm shift in government policies

The session is expected bring out workable solutions to the main focus of the discussion which is the economy and its current challenges.

The event was attended by the governor of Gombe state, Ibrahim Dankwabo, the Minister of Finance, Kemi Adeosun, the Minister of Mines and Steel, as well as commissioners of finance from the 36 states of the federation.

Chairman of the Federal Inland Revenue, Babatunde Fowler was also among the dignitaries.

 

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