We’re not borrowing to consume, but to develop the economy, says AGF

The Accountant General of the Federation, Mr Ahmed Idris Monday said that the move by the federal government to take low interest loan from the World Bank, International Monetary Fund (IMF) and other international financial institution was not for recurrent expenses but for capital projects that will develop the Nigerian economy.
Idris who represented the minister of Finance Mrs Kemi Adeosun who was honoured with an award at the annual conference of Institute of Charted Accountants of Nigeria (ICAN) in Abuja said Nigeria will soon overcome the recession.
According to him, the Federal government has been working round the clock to take Nigeria out of recession to prosperity, progress and growth.
He added: in the area of efficiency, the efficiency unit is really delivering on its mandates and the PICA – Presidential Initiative on Continuous Audit all these put together and other numerous initiatives that have been taken by the ministry got to confirm that yes recognition is been made not just by most of us in government but even those professional bodies like ICAN.
The Accountant General expressed the minister’s gratitude towards the award saying “The honourable minister is humbled by this award.”
On the step being taken by government to take loan from World Bank and IMF, he said, “forget about whether it is debt or whatever, the most important thing is to replete the economy, to turn it from recession and if you don’t have money, what do you need to do? May be you have to source or cut down n your expenditure. All these initiatives to reduce cost of governance are being put in place b this administration.”
He further reiterated that “appropriate borrowing is not bad, we should not borrow for consumption, we should borrow for capital expenditure to develop the economy and that is exactly what government is doing and what the honorable minister Kemi Adeosun is pursuing.
“We are not borrowing to consume, we are borrowing to develop the economy and to grow the economy to turn it from recession to prosperity.
on the role of accountants he said, the accountants being the finance managers of  organizations be it public or private sector, or even in social gathering, have a very big task of ensuring accountability and prudent management of scorched resources particularly now.”
the accountant General concluded by saying “Also, in the fight against corruption, you cannot rule out the role of accountants.Therefore, they have a very important role and I am glad that they are coming to term to realize that their roles cannot be jettison because it’s so key and fundamental and I believe if accountants do their jobs rightly as expected based on the ethics of their profession, I think things will be better.”