The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed says recent borrowings by the Federal Government were instrumental to the country’s exit from recessions.
Hajia Ahmed said this during the Public Presentation and Breakdown of the 2022 Appropriation Bill.
Hajia Zainab said having witnessed two consecutive recessions, the country had to spend its way out of recession, which contributed significantly to the growth of public debts.
According to her, recovery from the recessions would not have been as fast without the sustained government expenditure funded partly by debt.
She explained that borrowings have helped the government in providing infrastructure to boost the economy.
The Minister noted that with the country’s rising levels of insecurity, the government had to resort to borrowing.
Hajia Ahmed allayed fears over the country’s debts, insisting that the debt level of the Federal Government is still within sustainable limits.
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