Nigeria: ICAN President - Funding Recurrent Expenditure With Debt Inappropriate

17 August 2014

The President, Institute of Chartered Accountants of Nigeria (ICAN), Mr. Chidi Onyeukwu Ajaegbu, has said the policy of borrowing to fund recurrent expenditure in the national budget is wrong.

Ajaegbu pointed this out at a media luncheon on the 44th Annual Accountants' Conference, which will hold in September, and noted that by adopting such measure, government was truncating the future economic development because it was spending unearned income.

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