FIRS Chairman Defends Nigerian Govt's Borrowing Plan, Emphasizes Stability

FIRS Chairman, Zacch Adedeji, defended the Nigerian government's borrowing, stating it is a normal part of governance and budgeting. Adedeji clarified that the controversial Ways and Means practice has been halted, with the outstanding balance converted into recognized federal government loans.

He emphasized that borrowing is within the framework approved by the National Assembly and is necessary to meet revenue targets. Adedeji highlighted the importance of servicing the loans to maintain stability in the financial system.

He addressed critics questioning the rationale behind the loans, emphasizing that borrowing is done responsibly within the budget. The move aims to alleviate pressure on the exchange rate and ensure financial stability.