When borrowed funds fail to be properly utilised, economic development is impaired – Zainab Ahmed

Minister of Finance, Budget and National Planning, Zainab Ahmed, has stated that Nigeria is not properly utilising borrowed funds to deliver planned projects. She said it impairs economic development.

The Minister stated this on Tuesday at the retreat for members of the National Assembly organised by the ministry on process optimisation in donor-financed projects in Nigeria held in Lagos.

She noted that one of the critical sources of funds for the execution of key projects in Nigeria is through donor financing, especially from multilateral bodies such as the World Bank and the African Development Bank.

“However, notwithstanding the efforts and resources committed in procuring development financing for critical sectors of the economy to boost human capital development, improve infrastructure and service delivery as well as strengthen governance and institutions, the country appears not to have made the desired progress in this direction. Much still remains to be streamlined

“When borrowed funds fail to be properly utilised, and to deliver on planned development objectives, growth is impaired and economic development is distorted, she said