8bn and €100m as part of the federal government’s 2022-2024 borrowing plan. While requesting permission to acquire the loan, President Tinubu said the foreign loan was necessary to bridge the financial gap and return normalcy to economic activities in the country. Reacting in an interview in Calabar, Cross River State, Prof Akande, who is also a finance expert, advised that borrowing should be focused on capital expenditure and human capital development.
“We continue to borrow to finance recurrent expenditures, which has no significant impact on economic growth,” he said. Akande also spoke about the recent budget padding saga, which he said constitutes tools for inflation that they call ‘demand-pull inflation’ Akande said what most people don’t realize is that, budget padding fosters corruption, underdevelopment, unemployment and multidimensional poverty. He urged President Bola Tinubu to stop all forms of financial leakages in the system.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigerian Nurses Sue Nursing and Midwifery Council Over Certificate VerificationNigerian nurses have taken the Nursing and Midwifery Council of Nigeria to court over a recent circular requiring verification of certificates for nurses and midwives to foreign nursing boards or councils. The circular has sparked mixed reactions from stakeholders.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Tinubu appoints new executive secretary of Almajiri CommissionMr Tinubu also named Tijani Abbas as his senior special assistant on chieftaincy matters.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
US Assistant Secretary of State Satterfield to visit NigeriaAssistant Secretary of State for Educational and Cultural Affairs of the United States, Lee Satterfield will be in Nigeria from March 17 - 22
Source: GuardianNigeria - 🏆 1. / 94 Read more »
PDP’s deputy national secretary mourns late OlubadanThe Latest news in Nigeria and world news. The Guardian Nigeria Newspaper brings you the latest headlines, opinions, political news, business reports and international news.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Tinubu appoints Idris Sani Executive Secretary, CEO Almajiri Education CommissionPresident Bola Tinubu has approved the appointment of a new leadership for the National Commission for Almajiri and Out-of-School Children Education. He chose Brigadier-General Lawal Ja'afar Isa (retd) to serve as the Chairman of the Board of the Commission, while Dr Idris Muhammad Sani is to serve as the Executive Secretary and CEO.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Sports Minister hails wrestling team as Nigerian athletes sweep medals againThe Honourable Minister of Sports Development, Senator John Owan Enoh has hailed the Daniel Igali-led Nigerian Wrestling Federation following the exceptional performance of Nigerian athletes at the African Senior Wrestling Championship taking place in Alexandria, Egypt.
Source: DailyPostNGR - 🏆 11. / 59 Read more »