More Borrowing Needed Despite Improved Revenue By Some Agencies, Edun Tells Senate

The Minister of Finance, Wale Edun, has justified the Nigerian government’s need for additional borrowing to fund its budget, despite some Ministries, Departments, and Agencies exceeding their revenue targets. Mr. Edun made this statement during an interactive session with the Senate Joint Committees on Finance, National Planning, and Economic Affairs, discussing the 2025-2027 Medium-Term Expenditure Framework emphasising that borrowing must be productive and subject to Senate approval to ensure efficient budget funding.  

Similarly, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, while noting that the N35.5 trillion 2024 budget includes borrowing plans aimed at addressing the N9.7 trillion deficit, he urged lawmakers to recognise the necessity of borrowing to sustain government operations and programmes.  

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However, the Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede revealed that the agency has recovered over N197 billion this year, stating that adequate revenue from International Oil Companies (IOCs) and diligent revenue collection can fund the budget entirely.