Federal government advised to consider external borrowing among measures to salvage nation’s economy

Federal government has been advised to consider borrowing from external sources and injecting more funds into the nation’s economy to enable the country go out of recession.

An economist with the University of Uyo, Idongesit Udo who gave the advice when he spoke with planet news said the federal government needs to spend more to revive the nation’s economy as investment boosts a nation’s economy.

Udo, who also advised the government to add diversification of the nation’s economy to its economic recovery plans, stated that if the money borrowed by previous governments were truly injected in the economy, the nation’s economy would have long been re-energized.

Our correspondent Jane Uwa reports that the economist appealed to the government to borrow and be prudent in the expenditure of funds in order to pull the nation out of the present economic hardship.

Recall that the Federal Government had on March 7th this year, released the Economic Recovery and Growth Plan which unveiled a road map for Nigeria’s economic recovery growth and sustainable development. The document which was released by the Ministry of Budget and National Planning contains the economic blueprint of the government for the three-year period, 2017 to 2020.

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