The Director-General of the Debt Management Office (DMO) Patience Oniha has said the country is borrowed to come out of recession.
Oniha noted this on Thursday at the Regional Economic Outlook for Sub-Saharan Africa – Capital Flows and the Future of Work in Abuja
She said: “We are borrowing to be able to increase forex availability. The government needed to borrow in order to spend the country out of recession.”
According to her, the Federal Government had proposed to borrow N1.5tn in the 2019 fiscal year, revealing that the country’s borrowing has reduced since it came out of recession.
In addition, he said the government is diversifying the country’s economy to boost growth.