Nigeria Cannot Keep Borrowing Its Way To Development — Minister of Finance, Oyedele

By Micheal Chukwuebuka

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that Nigeria cannot continue to rely on borrowing to fund development, stressing the need for a sustainable fiscal system.

He spoke at the 28th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja.

“Nigeria cannot continue to finance development primarily through borrowing.

“We must build a fiscal system capable of sustainably supporting critical infrastructure, quality education, affordable healthcare, security, and social protection,” he said.

His remarks follow reports of ongoing Federal Government discussions with the World Bank over a proposed $1.25bn loan for reforms, job creation, and competitiveness.

Oyedele said sustainability goes beyond revenue, adding that it must also promote growth, reduce inequality, and protect vulnerable groups.