Borrowing funds for development not a crime, says CBN

The Central Bank of Nigeria (CBN) has said borrowing funds for development should not be misconstrued as untoward as developed countries such as United States of America still borrowing funds for development.

Registrar of National Collateral Registry (NCR), a department in the Central Bank of Nigeria (CBN), Mr. Bulus Musa, said that borrowing funds for development projects and other people-oriented activities by the Federal Government of Nigeria should not be condemned by the citizens, stressing that the borrowed funds, when judiciously utilised, would help to move the nation forward.

Musa, who was represented by an Assistant Director with the CBN, Dr. Xavier-Itam Okon, spoke in Benin, at a town hall meeting involving farmers and other stakeholders, with the theme: “Meeting MSME’s Safe Haven: Improving Financial Access to the Nation’s Main Economy Drivers.”

The town hall meeting was successful, in view of the CBN being collaborated with, by a German firm, Deutsche Gesellschalt for Internationale Zisammenarbeit (GIZ), which provided the technical support.

NCR’s registrar disclosed that the registry was established in 2015, thereby making access to loans easy for farmers and other investors, while using their movable property as collateral.

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