Nigeria’s borrowing solely for Infrastructure, says Udo Udoma

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Udoma Udo Udoma, Minister of Budget and National Planning
Udoma Udo Udoma, Minister of Budget and National Planning
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Udoma Udo Udoma, Minister of Budget and National Planning received FEC's approved budget
Udoma Udo Udoma, Minister of Budget and National Planning received FEC’s approved budget

The Minister of Budget and National Planning, Mr Udoma Udo Udoma, says Nigeria’s borrowing solely to fund infrastructure projects, minister’s Media Adviser, Mr James Akpandem , said in a statement in Abuja on Thursday.

The minister made the statement when he briefed the Assistant Secretary for Multilateral Affairs of Trade and Policy Department of France, Mr Guillaume Chabert.

Udoma said as international development partners explored areas of support to help Nigeria grow a sustainable economy, the Federal Government would consider borrowing to fund targeted infrastructure projects.

He said the effect of investing in infrastructure was enormous and the surest way of setting the country on the part of growth and sustainable development.

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The minister said that the Nigerian government was working on a National Economic Recovery and Growth Plan which was tailor-made to move the country’s economy out of recession.

He said that the plan was also designed to set the country on the path of growth.

“For one, to get out of economic recession, we will need to harness resources by plugging revenue leakages.
“We will also be looking at new revenue sources in order to generate the resources required to spend our way out of recession.” Udoma said