Bola Tinubu, standard bearer of the All Progressives Congress (APC), says there’s nothing bad in the country having a budget deficit. Tinubu said this on Friday at a presidential dialogue
Bola Tinubu, standard bearer of the All Progressives Congress , says there’s nothing bad in the country having a budget deficit.
“I do not embrace the conventional wisdom that fiscal deficits by the national government are inherently bad. All governments, especially in this era of fiat currency, run secular budget deficits. This is an inherent part of modern governance. The most powerful and wealthiest governments run deficits, as do the poorest nations.“A budget deficit is not necessarily bad. Look at the Japanese example with high government borrowing and low inflation.
“Fiscal policy will be the main driver. Monetary policy is weaker and a less effective instrument. Bad monetary policy is, of course, destructive. But even good monetary policy cannot carry the load the fiscal arm can. Thus, we must steadily remove ourselves from the fiction of tying our budgets to dollar denominated oil revenues.
“Building on this foundation, we will accelerate the faithful implementation of the “infrastructure master plan” by adopting proven financing structures till we deliver an acceptable stock of hard infrastructure through seaports and airports; and road, rail and water transportation linkages that can support our desired economic growth.
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