Finance And Budget Ministers Stress Need For Additional Borrowing Amid Revenue Deficit

The Minister of Finance, Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu, have stated that the government must borrow more to finance its policies. The ministers explained that although revenue generation has improved, it remains inadequate to fund President Bola Tinubu’s...READ MORE…

administration’s projects, including infrastructure development.

Edun and Bagudu made these remarks during an interactive session with the Senate Joint Committees on Finance, National Planning, and Economic Affairs, discussing the 2025-2027 Medium-Term Expenditure Framework/Fiscal Strategy Paper.

Edun, the Coordinating Minister of the Economy, remarked, “While revenue efforts have been positive, there is still more work to be done. In the interim, we must borrow productively, effectively, and sustainably, not just for infrastructure, but also to support social services, health, education, and safety nets for the most vulnerable.”

Bagudu also highlighted that the government’s borrowing plans outlined in the ₦35.5 trillion 2024 budget are primarily aimed at covering a ₦9.7 trillion deficit. Despite some revenue-generating agencies exceeding targets, Bagudu emphasized the need for borrowing to adequately fund the budget, particularly to address the deficit and support initiatives for the poorest and most vulnerable citizens.

He added, “Our long-term development plan, Agenda 2050, targets a GDP per capita of $33,000.”

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