Senate President, Ahmad Lawan, has defended new request for borrowing by President Muhammadu Buhari, arguing that the Federal Government cannot tax Nigerians any further to fund infrastructure.
Lawan also said that due to present economic challenges, the country had no other option but to borrow to finance infrastructure.
He, however, affirmed that the legislature would not be frivolous in granting Executive’s requests for loans.
The Senate President said these on Thursday in an interview with State House correspondents after meeting with the President at the Presidential Villa, Abuja just before the latter traveled to the UK for a routine medical check-up.
Lawan maintained that requests for loans would have to be scrutinized to ensure they were necessary, adding that when permitted, the loans would be monitored to ensure effective use.
He said the National Assembly would deliberate on other equally important matters such as the President’s request for loans before vacating for the summer.
Nigeria’s debt rose to N20.8 trillion under Buhari’s administration while debt servicing currently gulps N10.6 trillion.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.