Mrs Kemi Adeosun revealed on Sunday that the Federal Government would be prudent in the management of the country’s foreign borrowings.
She said that the Federal Government adopted an expansionary fiscal policy with an enlarged budget in order to deliver a fundamental structural change to the economy, thereby reducing the country’s exposure to crude oil.
“Why are we borrowing? Mobilising revenue aggressively was not advisable, nor indeed possible, in a recessed economy. But as Nigeria now reverts to growth, our revenue strategy will be accelerated.”
“This is being complimented by a medium-term debt strategy that is focusing more on external borrowings to avoid crowding out the private sector.”
“This would also reduce the cost of debt servicing and shift the balance of our debt portfolio from short-term to longer-term instruments.”
“This government will be very prudent around debt. We won’t borrow irresponsibly,” she said.
“At the DC where I spoke on behalf of Angola, Nigeria and South Africa, I urged the international community particularly the Bretton-wood Institutions to change the narrative on Africa which always portrays the continent as Low Income Countries (LIC).
“Indeed, there are some Middle Income Countries represented by this constituency and so there is the need for the Bank to deploy instruments, policies and programs that will address the peculiar needs of these countries,” she said.
When asked about the issue of investing in women, Adeosun remarked that the women remained the best investment any nation could make.
“The multiplier effect of such investment is significant. We need to make more opportunities available to our women.”
“They are the economic drivers of our nation. We have enormous talents in Nigeria, and the Federal Government will invest in human capital,” she added.
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