Borrowing: Economist urges FG to pause, publish project details
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Verified Synthesis~52s readEkpo said borrowing could support economic growth if used for viable capital projects, but warned that poor transparency and weak legislative oversight could leave future generations to repay loans without seeing the promised benefits. He said: “There is nothing really wrong in borrowing, provided you have done your analysis well and you are borrowing to finance capital projects.
Context & Background
- ✦Ekpo said Nigeria needed to strengthen its productive base, particularly manufacturing, to reduce its dependence on borrowing and oil exports.
Key Figures & Named Entities
today:“What we are borrowing today, our children and grandchildren will pay for.$1 trillion:If government directs its policies and creates incentives for that sub-sector, we will manufacture and export non-oil goods and services, earn foreign exchange and become more productive.” He said a $1 trillion economy target would be difficult to achieve without a stronger manufacturing sector, support for small businesses and more effective implementation of government policies.
Outlook & Next Steps
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Key Takeaways
Verified Extract- Ekpo said borrowing could support economic growth if used for viable capital projects, but warned that poor transparency and weak legislative oversight could leave future generations to repay loans without seeing the promised benefits.
- He said: “There is nothing really wrong in borrowing, provided you have done your analysis well and you are borrowing to finance capital projects.
- Ekpo said Nigeria needed to strengthen its productive base, particularly manufacturing, to reduce its dependence on borrowing and oil exports.
Key Facts:today: “What we are borrowing today, our children and grandchildren will pay for.$1 trillion: If government directs its policies and creates incentives for that sub-sector, we will manufacture and export non-oil goods and services, earn foreign exchange and become more productive.” He said a $1 trillion economy target would be difficult to achieve without a stronger manufacturing sector, support for small businesses and more effective implementation of government policies.
Editorial Excerpt
*Says no economy develops by ignoring manufacturing By Juliet Umeh Economist, Prof. Akan Ekpo, has urged the Federal Government to pause its proposed external borrowing and disclose the projects the funds will finance, alongside the studies supporting them.
Frequently Asked Questions About This Story
What is the latest development regarding National Assembly of Nigeria?
Ekpo said borrowing could support economic growth if used for viable capital projects, but warned that poor transparency and weak legislative oversight could leave future generations to repay loans without seeing the promised benefits.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include National Assembly of Nigeria, Bola Ahmed Tinubu.
What timeline or key figures were confirmed?
“What we are borrowing today, our children and grandchildren will pay for.
