The Federal Government’s desire to borrow more funds from international creditors is to prevent job losses.
Finance Minister KEMI ADEOSUN who spoke on Sunday at a joint press conference with the Governor of the Central Bank of Nigeria (CBN), GODWIN EMEFIELE, at the conclusion of 2017 International Monetary Fund (IMF)/World Bank Group Annual Meetings in Washington D.C, said with Nigeria’s source of revenue dropping by nearly 85 per cent, the country had no option but to borrow.
She said that the option before the country was to either cut public services massively, which should have led to massive job losses, or borrow in the short-term, until it begins to generate sufficient revenues.
EMEFIELE said the apex bank was trying to encourage Nigerians in Diaspora to keep remitting funds home, and also invest in the country, as they do not have any other place they can call home but Nigeria.
He noted that Nigerians in Diaspora remit 21 billion dollars annually to the local economy.
The CBN boss said the apex bank was also planning to ensure that Nigerians in Diaspora get some form of attachments to the credit system that they have abroad, either in the United States or United Kingdom.