{"id":40789,"date":"2021-04-10T16:22:13","date_gmt":"2021-04-10T16:22:13","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=40789"},"modified":"2021-04-10T16:01:31","modified_gmt":"2021-04-10T16:01:31","slug":"cbn-explains-why-nigeria-cant-stop-borrowing","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-explains-why-nigeria-cant-stop-borrowing","title":{"rendered":"CBN explains why Nigeria can\u2019t stop borrowing"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/nigeria\">Nigeria<\/a>. <\/strong><\/span>The Central Bank of Nigeria, CBN, has insisted that Nigeria can\u2019t stop borrowing, mainly when it\u2019s necessary.<\/p>\n<p>Mr Godwin Emefiele, the CBN Governor, disclosed this in Abuja on Friday at the National Dialogue on Nigeria\u2019s rising debt profile, titled: \u201cThe Rising Public Debt in Nigeria and the Challenges of National Development,\u201d organised by the Action Aid Nigeria (AAN).<\/p>\n<p>Emefiele, who was represented by Dr Tawose Joseph, the Assistant Director, Monetary Policy Department, CBN, said there is no crime in borrowing.<\/p>\n<p>According to him, there should be monitoring and evaluation of the money borrowed and its purpose.<\/p>\n<p>This is coming as AAN and stakeholders have expressed fear over unbalanced borrowings levels, rising national debt profile and increasing poverty level under President Muhammadu Buhari-led government.<\/p>\n<p>He said, \u201cDebt is part of fiscal responsibility. Debt is never a crime or a sin. The private entity also borrows to survive. What matters most is the debt\u2019s quantum and the debt usage as well as if money is borrowed as a result of the shortage of income generation.<\/p>\n<p>\u201cWhen you compare the income and expenditure, and it is efficiently used, it is part of government responsibility. But where the fear is when it is above the threshold.<\/p>\n<p>\u201cCBN understands that when there is a crisis in an economy, then the burden of debt would be something. That is why the conventional and non-conventional instruments are there to ensure price stability in the economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Central Bank of Nigeria, CBN, has insisted that Nigeria can\u2019t stop borrowing, mainly when it\u2019s necessary. Mr Godwin Emefiele, the CBN Governor, disclosed this in Abuja on Friday at the National Dialogue on Nigeria\u2019s rising debt profile, titled: \u201cThe Rising Public Debt in Nigeria and the Challenges of National Development,\u201d organised [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":40788,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,503,254],"class_list":["post-40789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBN explains why Nigeria can\u2019t stop borrowing - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria, CBN, has insisted that Nigeria can\u2019t stop borrowing, mainly when it\u2019s necessary. 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