Nigeria must quit borrowing - Senate president

Nigeria must quit borrowing - Senate president

- The leadership of the Nigerian Senate has decried the non-remittance of revenue by several agencies in Nigeria

- Senator Ahmad Lawan said the poor remittance of revenue is a major challenge to the implementation of the national budget

- According to Lawan, Nigeria must stop the act of borrowing to fund her budget

Nigeria's Senate president has cautioned against further borrowing of funds by the federal government to fund the budget.

Ahmad Lawan said many of the revenue-generating agencies are not remitting any revenue into the federation account.

Lawan while speaking at the third University of Benin/National Institute for legislative and Democratic Studies convocation ceremony said Nigeria has been borrowing to fund her budget.

The Senate president said the unavailability of adequate revenue remittance is a major challenge to the implementation of the country's budget.

In a press statement by his special assistant on media, Ezrel Tabiowo, the Senate president said: “Majority of the agencies don’t remit these revenues. They force the Nigerian government to resort to borrowing."

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He also said that the National Assembly is determined to ensure that the 2020 budget is laid on November 28 and passed by the end of December.

He said: “We hope that from this week, the 30th of October to the 5th of November; we expect all our sub-committees of the appropriations committee to defend their budgets before the appropriation committees of the Senate and the House."

Meanwhile, previously reported that President Muhammadu Buhari on Tuesday, October 8, presented the 2020 national budget before the National Assembly.

The president while, making the presentation said Nigeria recorded nine consecutive growth in the Gross Domestic Product (GDP).

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Source: Legit

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