Minister Kemi Adeosun, Finance Ministry Disagree

Minister kemi Adeosun and the ministry she heads appear to be on opposing sides.

“We cannot borrow anymore, we just have to generate funds domestically to fund our budget, and mobilise revenue to fund the necessary budget increase,” Finance Minister, Kemi Adeosun stated on Monday July 10 2017.

But 3days later, Thursday July 13 the ministry of Finance in another comminication says “Nigeria will continue to borrow. Nothing has changed. The Economic Recovery and Growth Plan provides for an increase in spending over a three-year period, which is reflected in the 2017 budget.”

The ministry’s position which outrightly contradicts finance Minister, Kemi Adeosun was contained in an official statement signed by Director of Communication, Salisu Dambatta.

The ministry claims the move was as a result of the need to, “it is important to clarify the position of the minister and the Federal Government.”

The statement explained “In 2017, the government is committed to spending N7.44tn, with a projected fiscal deficit of N2.356tn, which will be funded by a combination of domestic and international borrowing.”

And added “Nigeria’s debt to GDP ratio is low when compared to our contemporaries in Africa and across most of the developed world.

“We have a headroom to borrow and are doing so aggressively in the short to medium term in order to address our infrastructure deficit and to stimulate growth.”