Budget Office Backs Senate President, Says Nigeria is a Poor Country
- The Budget Office has reacted to Senate President, Ahmad Lawan's position on why it is important for Nigeria to continue borrowing
- Ben Akabueze, the director-general supporting Lawan's claim said Nigerians must admit that their country is poor
- Lawan on Thursday, June 24, said borrowing in a wise and responsible way is the best option for the Buhari government to deliver on its promises
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Abuja - Despite reservations in some quarters about Nigeria's need to continue borrowing for projects, the Budget Office of the Federation has thrown its weight behind Senate President Ahmad Lawan.
The Punch reports that Ben Akabueze, the director-general of the BOF, stated that the country must keep borrowing to spend its way out of recession.
According to Akabueze, it is important for Nigerians to realise that the nation is potentially rich, adding that the reality today is that Nigeria is poor.
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He made the disclosure while speaking on Channels Television's current affairs programme, Politics Today, on Thursday night, June 24.
The DG faulted those criticising the debt profile of the country, saying there are mandatory obligations that the government has to the people and borrowing is one of the ways that it can be achieved.
He went on to note that borrowing is not an issue, however, the major problem is making sure that when it is time to pay up the debt it is possible.
Senate president reveals why Nigeria is very poor
Earlier, Lawan opined that raising taxes to generate funds for infrastructural projects in Nigeria at such a time of serious economic constraints is not an option.
The Senate president said given the meagre revenues generated locally, the best option is to borrow in a wise and responsible way.
The Senate boss gave this view on Thursday, June 24, during his conversation with journalists in Abuja after a closed-door meeting with President Muhammadu Buhari.
Lawan gives Senate panel 14 Days to approve Buhari’s N2.343 trillion loan request
Meanwhile, the Senate president has given the Senate committee on foreign and local debts 14 days within which to process President Buhari’s request for a fresh ₦2.343 trillion for approval.
Lawan gave the directive at the commencement of the Senate plenary session on Tuesday, June 1.
The Senate President's directive was handed down to the committee after the Senate Majority leader, Yahaya Abdullahi, drew the attention of Lawan to the pending request.
Source: Legit.ng
