President Muhammadu Buhari has justified the frequent borrowings by his administration, saying the country’s debt profile is still within a sustainable level.
He said this while presenting the 2022 budget estimate before a joint session of the National Assembly on Thursday.
He said though, Nigerians are right to be worried about the government’s borrowings and debts but argued that such borrowings were needed as they helped in bringing the country out of recession and boosting the economy.
The president said the target of his administration is to grow the country’s Gross Domestic Product (GDP) from the current 8 per cent to 15 per cent by 2025.
Buhari said the 2022 budget is designed to build on the achievements recorded in previous budgets and to actualize the 2021-2025 development plan.