Govt Revenue Has Improved, But We Still Need To Borrow More Money – Edun
Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, claims that despite some Ministries, Departments, and Agencies exceeding their revenue targets, the Nigerian government still needs to borrow more money to fund its budget.
Edun made this statement during a discussion on the 2025–2027 Medium-Term Expenditure Framework/Fiscal Strategy Paper of the Senate Joint Committees on Finance and National Planning and Economic Affairs.
Based on the Senate’s approval for adequate budget funding, he says, the borrowing must be done effectively and productively.
He said: “The revenue effort has been good, but we still need to do better, and in the meantime, we still need to borrow productively, effectively and sustainably all in the name to invest in a Nigerian economy.
“Not just infrastructure but also social services, health services, education and intervention in terms of social safety net to help the poorest and most vulnerable.”
Senator Atiku Bagudu, Minister of Budget and Economic Planning, gave a similar explanation, reminding the lawmakers that the N35.5 trillion 2024 budget’s borrowing plans were mainly intended to cover the N9.7 trillion deficit.
“Despite revenue targets surpassing by some of the revenue generating agencies , government still needs to borrow for proper funding of the budget , particularly in the area of deficit and productivity for the poorest and most vulnerable .
“We a long term development perspective plan agenda 2050 aiming at GDP per capital of $33,000,” Bagudu explained.
