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EN
Why FG Still Borrows Despite 411% Revenue Increase – Adedeji
['Ayobamiji Komolafe']
New Telegraph
Chairman of the Federal Inland Revenue Service (FIRS), Zach Adedeji, disclosed this during an engagement with journalists at the Presidential Villa on Tuesday.
Non-oil tax collections surged from ₦151 billion to over ₦1 trillion, while oil revenue jumped from ₦96 billion to ₦644 billion within the same period.
Responding to concerns about borrowing despite the revenue rise, Adedeji said:“Borrowing is no longer for salaries or subsidies.
Adedeji concluded: “If I have revenue of 80 and borrow 20 as planned, I meet my target of 100.
What we are doing is sustainable borrowing for growth.”
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