Finance, Budget and National Planning Minister Mrs. Zainab Ahmed yesterday said that the Federal Government needs loans to fund its projects across the country.
She spoke in response to criticisms from different quarters of the country on the government’s frequent borrowings.
The debt stock is set to hit N52.6 trillion when the government harvests all the loans already approved by the National Assembly and the debts written against the government by its creditors, including the Central Bank of Nigeria (CBN).
The President Muhammadu administration got the latest nod on Wednesday to take more loans with the Senate granting approval to $16 billion and one billion euro loan request as well as $125 million grant.
Speaking on Channels television, the Finance minister said the justified the government’s attraction to the loans because of their concessionary nature.
These concessions the minister said allows the federal government to execute infrastructure projects across the country.
