SENATE PRESIDENT Ahmed Lawan
HighlightTop StoryTrending Story

It’s inescapable for Nigeria to borrow for infrastructure development- Senate President

218

The Senate President, Dr Ahmad Lawan, says the only option left for the Nigerian government to fund infrastructure is borrowing, describing the country as poor.

According to him, it is not feasible for the government to tax the people further in the face of the present economic situation as it has become imperative to develop the nation’s infrastructure.

The Senate President, who made the remark while briefing State House correspondents after a closed-door meeting with President Muhammadu Buhari in Abuja, assured that the legislature would not be “frivolous in granting Executive arm of government requests for loans”.

Lawan disclosed that loans requests would be subjected to thorough scrutiny to ensure they are necessary and when approved, the use of the loan would be monitored through oversight.

He said: “You cannot, in my view and judgement, tax Nigerians further for you to raise the money for infrastructural development; other countries do that, but we have serious situation across the country.

“So, you cannot put taxes on the people. The only option left is for us to borrow responsibly, utilize prudently and economically, and ensure that the projects are self-sustaining; that they can pay back the loans.

“Our options are really very limited as a country. First, we do not have the necessary revenue; Nigeria is poor, we should not deceive ourselves. Nigeria is not rich given the circumstances we live in, given the challenges we have.

“The other option is public private partnership. You need to create the environment to attract investors to come into our country because of the security challenges we face today. Not many investors would like to come to Nigeria. In fact, even those inside Nigeria may not like to invest properly in this sector of infrastructure development.”

Lawan also assured that the National Assembly would give legislative approval to the Executive loan requests to fund the 2021 Appropriation Act before it embarks on recess in July.

“We will also have the loan request from Mr. President. The loan request is to fund the 2021 Appropriation Act and of course, this is not a new request. It’s something that we had passed in the MTEF and it’s something that when we pass the budget 2021, we also passed that.

“So, it is only to give the necessary legislative approval for the administration to go further and collect the funds.

“What I want to assure Nigerians here is that we are not going to be frivolously supporting or approving loans for the executive arm of government.

“Whenever we have to approve any loan, we have to insist on the details of what projects will be funded by those loans. We will have to look at the conditions that are attached to the loans.

“They must be favourable conditions before we approve and we will be up to date with our oversight to ensure that what we have approved is directly deployed and on those projects that we have also approved for implementation.

“So, we will not be frivolous and will not take it lightly to just approve any loan,” he promised.

The senate president also disclosed that the legislature would receive the joint committee’s report on the Petroleum Industry Bill (PIB) and the passage of the Electoral Act (amendment) Bill.

“You will recall that we have several bills, very important ones at that, that are pending and we are working around the clock.

” At the moment, we are dotting the I’s and crossing the T’s on the PIB; the Petrol Industry Bill, and by the grace of God, our committees, the joint committees, will finish their work on it by the end of the week, hopefully.

“The reports would be laid on Tuesday in both chambers. This is what we have planned and this is what we are working towards,” Lawan said.

Leave a comment

Related Articles

Lagos, Abuja airports receive full NCAA certification

Murtala Muhammed International Airport (MMIA), Lagos, and the Nnamdi Azikiwe International Airport...

Day 3 of African Military Games: Nigerian Armed Forces Shine, Win 17 Medals

The Nigerian Armed Forces have made a remarkable impact at the ongoing...

Eight secondary school boys seize, gang-rape 14-year-old schoolgirl in Ogun

A 14-year-old schoolgirl in the Ijebu-Mushin area of Ogun State has been...

FG raises N346bln at Nov. 2024 bond auction, reflecting strong investor interest

The Federal Government has successfully raised N346.155 billion at its November 2024...

Breaking: Supreme Court Nullifies National Lottery Act

The Supreme Court on Friday nullified the National Lottery Act 2005 enacted...

NNPC Ltd. hosts NSC boss, pledges support for revitalization of Nigerian football

In a significant move to boost Nigerian football, the Nigerian National Petroleum...

Nigerian youths essential to repositioning Africa, says VP Shettima

Vice President Kashim Shettima has reaffirmed the federal government’s commitment to youth...

Just in: Simon Ekpa ‘ll be extradited to Nigeria to face charges – Defence Headquarters

The Nigerian Defence Headquarters, Abuja, has announced plans to extradite Simon Ekpa,...

NPA’s CEO Dantsoho Makes History as First Nigerian Chairman of PMAWCA

In a groundbreaking achievement, Dr. Abubakar Dantsoho, Managing Director of the Nigerian...

Just in: Senate confirms Omolola Oloworaran as DG PENCOM

The Senate on Thursday confirmed the nomination of Omolola Oloworaran for appointment...

Save for rainy day, Federal Accountant General urges state govts, emphasizes transparency, accountability

In a bid to ensure financial stability during adverse situations and economic...

Just in: Senate approves Tinubu’s $2.2 bln loan request

The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2...

Just in: Reps reject bill for six-year single tenure for president, governors

The House of Representatives rejected a constitutional amendment bill on Thursday seeking...

Just in: Simon Ekpa, four others arrested in Finland over terror-related activities

Finnish-Nigerian separatist agitator, Simon Ekpa, and four others have been arrested in...

Sacked UNIZIK VC Odoh to Tinubu: You can’t fire me through press release

Sacked Vice-Chancellor of Nnamdi Azikiwe University (UNIZIK), in Awka, Anambra State, Prof....

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

Olopade assumes office as NSC DG, promises new lease of life for Nigerian sports

Bukola Olopade had assumed office as the Director General of the resuscitated...

Amid High Inflation Rate, IMF Pledges Support for Nigeria’s Economic Reforms

International Monetary Fund (IMF) President Kristalina Georgieva and her team met with...

Nigeria’s Super Falcons Ajibade, Nnadozie, Nominated for 2024 CAF Women’s Player of the Year

The Confederation of African Football (CAF) has announced the nominees for the...

Just in: FG announces reshuffle of governing councils at FUOYE, Kogi varsity

The Federal Government has made changes to the governing councils of Federal...