Nigeria's practice of borrowing to fund its national budget is not an inherent flaw, as many countries globally utilize debt to address fiscal deficits, according to the Budget Office of the Federation.
Yusuf Muhammed Kurawa, the Director of Expenditure (Social), articulated this perspective in Kano, following the marriage ceremonies of his daughters, Hassana and Fatima, over the weekend.
"There is nothing inherently wrong with borrowing; it's a practice adopted by nations worldwide. The crucial factor lies in its management. Nigerians should exercise patience, as the President is fully aware of and managing the situation," Kurawa stated.
Kurawa highlighted fiscal limitations as a significant hurdle within Nigeria's budgeting process. However, he expressed confidence that the ongoing reforms initiated by President Bola Ahmed Tinubu's administration are beginning to show positive outcomes.
He underscored the paramount importance of the budget, referring to it as the most critical state document, second only to the constitution.
"Following the constitution, the budget stands as the next most vital document. We in the Budget Office are thorough in our work, and everything is proceeding as planned," he added.
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