Nigerian Senate President, Ahmed Lawan, has urged the Nigerian federal government to reduce its borrowing spree and focus more on exploring other means of generating revenue. ayokinews.com reports
Lawan made this known during the a joint plenary session of the upper and lower chamber, where the President, Muhammadu Buhari presented the proposed 2022 budget.
Speaking on generating more revenue for the country, Lawan stated that the Ministries, Departments and Agencies (MDAs) have the capacity/potential to financially contribute to the federation account immensely.
Senator Ahmed Lawan said, “Mr. President, we understand that due to paucity of revenue, the federal government has to resort to raising funds from foreign and domestic sources to provide infrastructure across the country.
“That is why the national assembly approved the requests for borrowing. The commitment of the federal government in providing infrastructure across the country means that the funds must be raised one way or the other.
“Government should also explore other sources of funding for its projects in order to reduce borrowing.”