Governor El-Rufai has warned the FG against unnecessary borrowing

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Governor El-Rufai raises alarm, says Nigeria reaching maximum capacity to borrow.

As the federal government prepares to seek a N1.2billion loan from Brazil, the governor of Kaduna state, Mallam Nasir El-Rufai, has raised the alarm that the country has almost reached its maximum capacity to borrow.

The Governor said with the collapse of the crude oil prices, the nation should be more proactive to avoid external shocks.

READ ALSO:Federal govt to obtain $124.2million loans for water projects

He said the country should start developing tax extraction capacity and create an effective tax system that influences structural change.

El-Rufai noted that poor administration, sub-optimal collection of taxes, low accountability, corruption and high tax rate, among others, were factors and major challenges hindering tax growth in the country.

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