Connect with us

Politics

Row in Senate over $60bn Nigeria debts profile

Published

on

Words of caution by some senators for the executive not to return the country back to the era of high indebtedness, caused row among the lawmakers, who expressed concern over the $60billion debt profile of the country

Complaints over the rising debts profile came up during debate on general principles of the N8.83 trillion 2019 budget presented late last year by President Muhammadu Buhari to the joint session of the National Assembly.

Deputy Senate President, Ike Ekweremadu (PDP, Enugu West) in his contributions after the Senate Leader, Ahmed Lawan (APC, Yobe North) had given the lead debate on the budget estimates for passage for second reading.

Ekweremadu said though the budget proposals has to be given expeditious consideration and passage in view of enormous time already lost on the bill but its borrowing plans must be scrutinized to prevent the country from exceeding its limit when juxtaposed with the ratio of Gross Domestic Products, GDP.

“Time is already running out on us as regards consideration and passage of the 2019 budget estimates but the increasing borrowing proposals cum plans on our yearly budget is becoming unbearable.

“Yes, money must be sought for by any government to fund infrastructure but it must not be solely anchored on borrowing which in the long run, will take the country back to a problem it had earlier solved.

“Besides, there are other creative ways of funding such highly needed infrastructure”, he said.

Giving statistics on the rising debts profile, Senator Dino Melaye (PDP Kogi West), said the debt profile of the country now is $60billion from less than $20billion it was before the present government came on board in 2015.

According to him, the components of the $60 billion debts profile are $23billion as external debt, $20billion as local debts while $12 billion is already being proposed for financing of Port Harcourt to Maiduguri rail lines.

“Nigeria is gradually turning to a chartered borrowing Nation under this government all in the name of funding infrastructure.

“This must be stopped because the future of the country and in particular, lives of generations yet unborn are being put in danger”, he lamented.

He added that even with the high level of indebtedness of the country , the government in power was planning to further devalue the Naira to about N500 to a US dollar and that the Nigeria Stock market suffered a misfortune of N300billion loss two weeks ago when President Muhammadu Buhari got reelected.

“Inflation is on the rise, unemployment rate is increasing , assumptions made for the budget estimates as regards $60 oil price benchmark and 2.3million barrel oil production level per day are unrealisable and unrealistic”, he added.

Senators Shehu Sani (PRP Kaduna Central), Albert Akpan Bassey (PDP Akwa Ibom North East) etc, also called for caution on the part of the executive on the rising debts profile of the country.

But Senators Gbenga Ashafa (APC Lagos East), Adamu Aliero (APC Kebbi Central), Jibrin Barau (APC Kano North) and Deputy Senate Leader, Bala Ibn Na’Allah (APC Kebbi South) said the debts profile was not as outrageous as being portrayed by those raising alarm.

Specifically Na’Allah in his contribution, said rather saying Nigeria is over borrowing, the country is grossly under borrowing when the total amount borrowed is juxtaposed with her population and resources borh human and capital.

Though Senator Mohammed Ali Ndume (APC Borno South), moved motion for the budget to pass for second reading yesterday in view of enormous time already lost in its consideration but the Senate President, Dr. Bukola Saraki ruled that the debate should continue and end next week Tuesday .

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest News

Politics14 hours ago

How Fani-Kayode blasted Saraki, Gbenga Daniel, others will shock you

A former Aviation Minister, Chief Femi Fani-Kayode has slammed first Director General of the Atiku Campaign Organisation, Otunba Gbenga Daniel...

Crime14 hours ago

Court sentences man to death by hanging for attacking mother, step sister

An High Court sitting in Igbosere, Lagos State on Monday sentenced one Akeem Lawal to death by hanging over robbery...

education16 hours ago

Zamfara varsity commences admission for pioneer intakes

The Governor of Zamfara State, Abdulaziz Yari, has announced that the state-owned university would commence admission of pioneer students in...

Metro16 hours ago

Lagos records another building collapse, rescues 4 victims

Another building has collapsed in Lagos and no fewer than four people have been rescued from the building collapse on...

news17 hours ago

Ekiti govt. announces new measures at curbing rape, child defilement

The Ekiti State Government on Monday announced new measures aimed at curbing sexual violence, especially child defilement and rape in...

news20 hours ago

SHOCKER! How I escaped death in New Zealand shootings, Nigerian-born Imam

Facts have emerged on how a Nigerian-born Imam, Lateef Alabi, escaped death in the New Zealand shootings. Alabi is one...

news21 hours ago

Onnoghen trial continues at CCT

Trial of the embattled Chief of Justice of Nigeria, Justice Walter Onnoghen, opened before the Code of Conduct Tribunal on...

news22 hours ago

Buhari can solely appoint Acting CJN— Tanko

President Muhammadu Buhari does not need the permission of the National Judicial Council to appoint an acting CJN, Justice Tanko Muhammad,...

news22 hours ago

SAD….Army garrison commander killed in Bauchi

The Garrison Commander, 33 Artillery Brigade of Nigerian Army in Shadawanka Barracks, Bauchi, Col. Mohammed Barack, has been killed by...

Politics2 days ago

SHOCKER! Gbenga Daniel makes U-turn, set to join APC

Former Governor of Ogun State and Director-General of Atiku Abubakar Campaign Organisation, Gbenga Daniel, said that his political supporters have...

Advertisement

Trending

Copyright © 2018 Royal News.

%d bloggers like this: