Federal Government blames insecurity, low earnings for higher borrowings.
Written by News Room on January 7, 2022
The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, has blamed insecurity, low earnings, among other reasons for excessive borrowing by the Federal Government.
The minister disclosed this at the public presentation of the 2022 FG budget proposal – breakdown and highlights in Abuja.
She, however, insisted that Nigeria’s debt service/revenue ratio, which stands at 76 per cent as at November 2021, though higher than that of some African top economies, proves that the challenge that confronts Nigeria is not that of debt sustainability but that of revenue.
Dr Ahmed also said that consumers of carbonated drinks are expected to pay more as the Federal Government is set to introduce new and further increases in existing pro-health taxes on such drinks.