A financial expert, Eddie Osarenkhoe, has urged the federal government to be prudent and reduce continuous borrowing for enhanced economic growth and development in 2025.

Mr Osarenkhoe, who is also the ex-president of the Finance Houses Association of Nigeria, gave the advice in an interview with journalists on Thursday in Ota, Ogun State.

Mr Osahenkhoe emphasised the need for the federal government to take such steps to revamp the economy.

He said that the provision of more capital expenditure, such as roads and rails, would attract foreign investors and generate employment opportunities for the youth.

Mr Osarenkhoe said that utilisation of the borrowed funds to finance capital expenditure rather than recurrent expenditure would boost the country’s capacity to repay the funds in the long run.

He appealed to the federal government to sign the tax reform bills into law in 2025.

Mr Osarenkhoe commended the federal government for introducing the tax bill, stressing that it would boost revenue generation.

He explained that the tax bill would help the poor to pay less and increase the tax net because those who were not paying taxes would pay.

He added that the bill would reduce the continuous borrowing by the federal government to finance the budget.

“By the time the federal government is able to track those who have not been paying taxes, this would help the nation with adequate funds to finance our budget. The federal government needs to make a strategic plan by formulating policies that would improve the economy and put it in good shape,” he said.

(NAN)