08th Oct, 2021 @ 09:25 AM


“Our foreign debt is still within sustainable limits and can be accounted for”— Pres. Buhari


Znebs

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Znebs

The President of the federation, his excellency Muhammadu Buhari has noted that the foreign debt level of the control is still within sustainable limits.

Buhari said this during the presentation of the 2022 appropriation bill at the National Assembly in Abuja yesterday. 

The statement was made in a bid to calm the nerves of Nigerians who have often expressed concern over the incessant borrowing habit of the current administration. 

President Buhari’s words in quotes; 

Some have expressed concern over our resort to borrowing to finance our fiscal gaps. They are right to be concerned. However, we believe that the debt level of the Federal Government is still within sustainable limits. Borrowings are targeted at specific strategic projects and can be verified publicly.

As you are aware, we have witnessed two economic recessions within the period of this administration. In both cases, we had to spend our way out of recession, which necessitated a resort to growing the public debt

It is unlikely that our recovery from each of the two recessions would have grown as fast without the sustained government expenditure funded by debt



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