The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has urged state governors to borrow only when it is to build infrastructure that drives growth.
In his keynote address at the official launch of the 10th edition of The State of States report by BudgIT Foundation in Abuja on Tuesday, Mr. Oyedele said that the level of debts owed by state governments is assuming an alarming proportion, adding that Lagos and Edo states carry debts of N100,000 per capita.
He said, “There is nothing wrong with borrowing; what matters is what you are borrowing for? We need to borrow less for recurrent spending, if at all and borrow responsibly for infrastructure and productivity.”
While expressing concern that many states are still focusing on recurrent expenditure rather than capital, he co
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