President of the Senate, Godswill Akpabio, has appealed to President Bola Ahmed Tinubu to initiate measures to halt the nation’s rising debt profile. Akpabio made this appeal in his remarks on Wednesday during the presentation of the 2024 Budget by President Tinubu before a joint sitting of both chambers of the National Assembly.
Checks by the Nigerian Tribune revealed that in the Federal Government’s 2024 N26 trillion budget, there is a provision of N7.8 trillion in new borrowings (including borrowings from foreign and domestic sources), aside from the estimated N8.2 trillion for debt service. Further investigation disclosed that with the additional borrowing of $8,699,168,559 and €100 million in the 2022-2024 Borrowing plan, the nation’s debt profile will increase to $51.759 billion.
Akpabio, acknowledging that the Tinubu administration was not responsible for the nation’s current debt profile, emphasized that something must be done about it. He also expressed concern about the monocultural status of the economy, stating that overdependence on hydrocarbon as the only source of foreign exchange earnings was a risk “taken for too long, and we cannot continue to tempt providence.”
Senator Akpabio highlighted quality education and corruption as challenges that must be addressed. He suggested that prioritizing education would help curb brain drain, and taking a firm stance on corruption and fiscal discipline would mitigate financial leakages.
“We deem it necessary for our country to go back to agriculture to stop the overdependence on crude oil. A mono-economy is putting all our eggs in one basket. It is a risk we have taken for too long, and we cannot continue to tempt providence. We also believe that education should be prioritized and something should be done to stop frequent closures. If we do not checkmate the brain drain, the drain will numb our brains. This is why we must open the door of education because when you open the door of education, you close the door of the prison.”
Akpabio urged the government to take action to reduce the high debt profile and reaffirmed the Senate’s commitment to responsible governance and fiscal prudence. He also assured the National Assembly of its readiness to support the fight against corruption.
“Mr. President, we reiterate and assure you of the National Assembly’s readiness to support your administration. Our legislative agenda reflects our dedication to the Nigerian people, and we look forward to achieving remarkable milestones for our great nation under your purposeful leadership.”
Ahead of ministers appearing before the committees for budget defence, the President of the Senate requested President Tinubu to instruct his ministers to prioritize National Assembly invitations over travel engagements.
“In conclusion, we assure you that the proposals you have come to present will be diligently considered accordingly. To ensure maximum attention to the review of the Year 2023 Budget performance and the consideration of the Year 2024 Budget Proposal, we request that Mr President would mandate Honorable Ministers and Heads of Agencies to avoid any travelling engagements that would prevent them from honouring our invitation to appear before our committees to defend their budget estimates promptly.”
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