- June 1, 2021
- Posted by: adminer
- Category: Finance & accounting
The Dean, Faculty of Agriculture, University of Abuja, Prof. Park Idisi, has advised the Federal Government to invest funds borrowed in productive projects that could boost the economy.
Idisi said that most of the funds borrowed were not channeled on productive investments that could spin returns or strengthen the naira.
He said that over borrowing was one of the reasons that naira depreciated and lost its value both locally and globally.
Idisi called on government to borrow less and whatever money borrowed should be channeled into productive sector.
“The more government borrows, the more our currency depreciates globally; as long as government is borrowing, our currency will continue to lose its value.
“Government should encourage productive sectors in the economy such as agriculture, industries, mining and other viable area with the funds borrowed, as this will help strengthen the naira and halt it from depreciating.
He also advised the Federal Government to reduce importation of goods and services, adding that depending on foreign goods, technologies and equipment would continue to depreciate the naira.
He added that the administrative sector in Nigeria should be made to consume less from the National income…………TO CONTINUE CLICK ONhttps://thefreezonechannel.com/don-urges-nigeria-to-invest-borrowed-funds-in-productive-projects/