Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has stated that the Nigerian government requires additional borrowings to fund its budget, despite some Ministries, Departments, and Agencies exceeding their revenue targets.
Edun made this remark during an interactive session with the Senate Joint Committees on Finance, National Planning, and Economic Affairs, where discussions centered around the 2025-2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper.
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He emphasized that borrowing should be productive and efficient, contingent on the Senate’s approval for adequate budget funding.
On Thursday, the Senate approved President Bola Tinubu’s loan request of ₦1.77 trillion ($2.2 billion) through a voice vote.
The approval came after a report from the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada (APC, Sokoto North), was presented.
The loan is part of a broader external borrowing plan to help cover the ₦9.7 trillion budget deficit for the 2024 fiscal year, as submitted by the President on Tuesday.
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