The President of Nigerian Senate says neither him nor any other person for that matter likes borrowing but that the country was compelled to borrow because of inadequate funds to meet the demands of governing the country. He however assured that the Senate was working to reduce Federal Government’s borrowings
He was reported by News Agency of Nigeria as saying: “Nobody likes taking loans, borrowing or accumulating debts, whether as an individual, a family, a community or as a country.
“But what can you do when you’re not able to generate enough? We are as concerned as anybody else about our level of borrowing, even though we have not saturated, but if we can do better why not reduce, and the best way to reduce is to get more revenues from especially independent sources”, adding that the Federal Government is expecting about a trillion from government-owned enterprises in 2022,
Senate President, who was speaking on Wednesday while marking his 63rd birthday, hinted that the Upper Chamber of the National Assembly is committed to reducing Nigeria’s borrowings and debt obligations in collaboration with revenue-generating agencies of government.
“The upper chamber in the first-quarter of this year will focus on addressing the challenges of revenue generation, collection and remittance to shore up earnings by the Federal Government.
“An improvement to the country’s revenue figures will reduce Nigeria’s dependence on external borrowings for the execution of capital projects captured in the national budget”, he further said, adding that the Senate would support and supervise the agencies for Nigeria to have more revenues in order to reduce the level of borrowing.