Borrowing not done in fiat, we are guided by the Fiscal Responsibility Act – Finance Minister 

Nov. 12, 2021

The Minister of Finance, Budget, and National Planning, Zainab Ahmed  on Thursday reacted to the fresh borrowing request by the Federal Government which was recently approved by the National Assembly.

According to her the borrowing is encapsulated in a plan and the FG is guided by the Fiscal Responsibility Act.

The Minister who said this during an interview on Channels Television’s Politics Today, noted that the borrowing that was approved by the lawmakers has been in the National Assembly since early this year.

“It is encapsulated in a plan, we are guided by the Fiscal Responsibility Act that sets the limit of how much you can borrow at any particular time.

According to her, the Federal Government has created a Medium-Term Debt Management Strategy, noting that the borrowings are not being done by fiat.

“We have also structured the borrowing to make sure that we have the balance between domestic borrowing as well as external financial borrowings,” she added.

President Muhammadu Buhari had in May, asked the Senate to approve the loan request.