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HomeCapital MarketWe Borrow Money To Buy Petrol – Federal Government

We Borrow Money To Buy Petrol – Federal Government

The Federal Government has said that it sometimes borrows money to buy petrol as the country continues to incur rising fuel subsidy bills.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this on Tuesday during an interview on Arise TV.

According to the Minister, there is a high possibility of global economic recession this year.

However, she stated that the country’s foreign reserve is able to withstand the shocks.

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Speaking further, Ahmed explained that the country had to borrow funds to buy fuel despite the huge subsidy spending on the commodity.

Ahmed again insisted on ending the fuel subsidy regime, while adding that it would be done gradually from the second quarter of this year by the current government.

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