By MICHAEL EBOH

ABUJA-The Federal Government, yesterday, said it will reduce borrowing to the barest minimum and also ensure a significant reduction in government spending between now and 2015.

President Goodluck Jonathan, in a statement made available to Vanguard, said the government was committed to transforming Nigeria into a productive economy that maximises its comparative advantage within the larger global context, for the benefit of all Nigerians.

He affirmed that the government was devoted to reducing Nigeria’s recurrent expenditure and increasing capital expenditure between now and 2015, adding that the government had kick-started the process with 2012 budget proposal, where it effected a 2.4 per cent reduction in recurrent expenditure from last year.

He said: “I envision a country that lives within its means and our plans between now and 2015 is to reduce borrowing to the barest minimum and I am glad to report that in the budget proposal I laid before the National Assembly, there has been a huge drop in Nigeria’s borrowings.

“This is backed by the determination to also ensure prudent spending and a greater system wide emphasis on due process, transparency, integrity and accountability.”

He  said the country currently spends more than N1.6 trillion ($10 billion) in the importation of food items that can be produced locally with proper long-term planning and discipline.