The President of the Senate, Ahmad Lawan, has said that until money-generating agencies lived up to expectations, the Federal Government under President Muhammadu Buhari will continue to engage in borrowing.
The Senate President who stated this in his address to welcome his colleagues back to the chamber after Christmas and New Year break said the need for more funds become necessary in order to enable the government to continue with its infrastructure development drive.
He said that the Upper Chamber will not rest on its oars as it has resolved to interface with the revenue-generating agencies with a view to encouraging and assisting them to generate more funds into the coffers of the government.
According to Lawan “funding of the 2022 Budget is predicated on significant borrowing. Our country is caught between the devil and the deep blue sea. We have to construct and provide infrastructure, in all parts of our country because infrastructure is needed for our nation to develop. However, we do not generate enough revenues to fund the provision of such infrastructure. Until more revenues are generated, the country has to borrow and also resort to other sources of funding our infrastructural development.”
He, however, said that “we cannot continue to borrow endlessly. It is imperative that we need to improve on the revenue to Gross Domestic Product (GDP) ratio. At about 8 per cent Revenue to GDP ratio, our country is basically at 50% of what is required of the revenue to GDP of 15 per cent for it to support any significant economic development.”
” The Senate will develop a strategy of engagement with revenue-generating agencies on how to make them achieve their targets and generate more revenues in 2022. The Senate will ensure that we boost their revenue-generating drive with a view to reducing borrowing for the development of our much-needed infrastructure. This is a major challenge for our development and we need to treat it as such.”
The Senate President also hinted that having consulted with their constituents, the National Assembly lawmakers will soon respond to President Buhari on the Electoral Act 2010 Amendment Bill.
“As we all know, the Senate and indeed the National Assembly worked so hard on the Bill. Having consulted, the Senate will expeditiously look into the issue.”
Senator Lawan also urged Nigerians not to be discouraged with the security situation in the country while urging all hands to be on deck to support the security agencies and the Executive arm of government in order to put the issues of insecurity behind us.
“I urge us not to be discouraged by the situation. We should make this year the year for the final securing of our nation from the numerous security challenges.”
On the 1999 Constitution review, the Senate President said the committee has done so much work so far adding that the report of the committee will soon be presented to the Senate in plenary for consideration.
He also stressed that the National Assembly will communicate to the State Houses of Assembly within the first quarter of this year.
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Until we generate more revenue, FG will continue to engage in borrowing ― Senate President