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Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, yesterday, charged the Federal Government not to borrow to finance recurrent expenditures. NACCIMA, in lending its voice to recent moves by the federal government to borrow $5.5 billion to finance the 2017 budget, stated:
“The association once again asserts its position on the nation’s increasing debt profile; that if the Federal Government must continue to borrow, then the funds must be channeled to the development of critical infrastructure required for economic growth and not for recurrent expenditures.”
In a statement, Iyalode Alaba Lawson, National President of NACCIMA, noted that it is not unusual for developing economies such as Nigeria to borrow locally or internationally to augment shortfalls in generated revenue needed for administering the economy. “It is also expected that once the projected growth is attained, there will be a systematic reduction in the nation’s dependence on borrowing” as recently stated by the Minister of Finance.”
Photo Caption: Iyalode Alaba Lawson, National President of NACCIMA
