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No problem with foreign borrowings, but – Prof Ojowu

The Federal Government should change the way and timing of securing loans for capital spending in order to maximize the full benefits of such loans, a former economic adviser to former president, Olusegun Obasanjo, and chairman, Daily Trust Board of Economists, Professor Ode Ojowu, has said.

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Speaking at the NDIC workshop for finance reporters in Kano yesterday,  Ojowu said in subsequent borrowings government should ensure that it plans as early as possible in order minimize the delay in applying such loans for the‚Äč fiscal year.

“If you intend to use a loan for 2019, for instance, you should start the negotiations for the loans now. By the time you are preparing for the 2019 budget you have an idea of how much you have for the capital project,” he said.

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According to him,  there is nothing wrong to borrow if the loans are tied to specific projects like the bonds and the Sukuk the government  issued recently.

On the economic growth target, Professor Ojowu said government should not aim at a lower target but have an ambitious target backed by plans and good strategy to achieve that.

He faulted the reduction of the growth target to 7percent by 2020 as contained in the new Medium Term Expenditure Framework, saying the economy if well positioned would grow at 10 percent.

 

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