The Senate has approved President Bola Tinubu’s proposal for 7.4 billion dollars and 100 million euros in foreign borrowing rolling over from 2022 to 2024.
This followed the acceptance of the Senate Committee on Local and Foreign Debt’s report in plenary.
While delivering the report, Sen. Haruna Manu, Vice Chairman of the Committee, stated that the committee took notice of the real and very serious concerns of Nigerians regarding the magnitude and sustainability, serviceability of the nation’s borrowing operations over the previous decade.
According to him, debt service statistics are a tremendous drain on the nation’s earnings, accounting for more than 30% of its expenditure in the yearly budget.
Manu went on to say that the National Assembly has to adopt a deficit budget every year owing to the nation’s annual income deficiency in comparison to the country’s demand for fast infrastructure and human capital development.
This, he claimed, necessitated borrowing to cover the budget shortfall.
cc: Daily Post Ng
