President Muhammadu Buhari has revealed the major areas the loans acquired by his administration have been and will continue to be focused on.
The president made the revelation on Thursday, October 7, when he submitted the 2022 Appropriation Bill before the Joint Session of the National Assembly in Abuja.
President Buhari also argued that Nigeria does not have a debt sustainability problem but a revenue challenge.
The focus of the loans are on:
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1. The completion of major road and rail projects;
2. The effective implementation of power sector projects;
3. The provision of potable water;
4. The construction of irrigation infrastructure and dams across the country; and
5. The critical health projects such as the strengthening of national emergency medical services and ambulance system, procurement of vaccines, polio eradication and upgrading Primary Health Care Centres across the six geopolitical zones.
What I told Buhari about borrowings - Lawan
Meanwhile, Ahmad Lawan, president of the Senate, has advised President Buhari to reduce the external borrowings being incurred to fund the country’s annual budgets.
The principal lawmaker advised the president to, instead, focus on blocking financial leakages and avoiding wastage in all tiers of government.
Legit.ng gathers that Lawan said this on Monday, August 23, in Abuja, after a closed-door meeting with President Buhari at the State House.
FG spends N5.80tn in six months
However, only N2.13 trillion, or 39% of the total, came from money earned by the federal government throughout the six months period.
This is according to a document published by the budget office and signed by Ben Akabueze, director-general budget office of the federation, and analysed by Legit.ng. The document showed that the expenditure recorded in the first half represents N42.24 billion or a 0.73% increase above the N5.76 trillion initially planned.