FG spent N2.5trn on infrastructure in 3 years

Federal Government said it has spent N2.5 trillion on infrastructure in the last three years and plan to sustain the temple of ongoing investment in infrastructure across the country. Speaking on behalf of the government in Abuja, Minister of Finance, Mrs Kemi Adeosun said that with  over N2.5trillion invested in infrastructure in the last three years, the country will start seeing the benefits soon.

According to the Minister, Nigeria  has enough capacity to repay its debt obligations, which currently stand at about N21.7trillion. She said that the Government was not worried about the country’s rising debt as the debt to Gross Domestic Product ratio was still low compared to other countries.

Adeosun said: “I am not worried at all, about rising debt. Our borrowing is sustainable and well managed. Firstly, we took a decision to reflate the economy. Our borrowing is a true reflection of our economy. When your income has gone down, the only place you can go is to borrow. It was a strategic decision. We borrowed and invested heavily in infrastructure and then increased our revenue so that we could pay back the debt.

“It was a deliberate decision. We looked at our budget in terms of size and increased it from N4trillion to N7trillion so that we could focus on developing our infrastructure.”