The Central Bank of Nigeria has said that Nigeria cannot stop burrowing, especially when it is necessary as it is part of fiscal responsibility.
CBN’s Governor, Mr. Godwin Emefiele, gave this remark at a National Dialogue on Nigeria’s rising debt profile, titled: “The Rising Public Debt in Nigeria and the Challenges of National Development” on Wednesday.
According to Emefiele, who was represented by the Assistant Director, Monetary Policy Department, CBN, Dr. Tawose Joseph, there is no crime in borrowing, but there should be monitoring and evaluation of the money borrowed and the purpose meant for.
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“Debt is part of fiscal responsibility. Debt is never a crime or a sin. The private entity also borrows to survive. But what matters most is the quantum of the debt and the usage of the debt as well, if money is borrowed as a result of a shortage of income generation.
“When you compare the income and expenditure and is efficiently used is part of government responsibility. But where the fear is when it is above the threshold.
“CBN understands that when there is crisis in an economy, then the burden of debt would be something. That is why the conventional and non-conventional instruments are there to ensure price stability in the economy,” he said.
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