Nigeria is Poor. The Only Option is To Borrow — Senate President

Senate President, Ahmad Lawan, has, notified Mr. President Muhammadu Buhari of the activities lined up for the National Assembly. He said this while opining that Nigeria is a poor nation that has no option but to borrow to fund infrastructure.

Fielding questions from correspondents at the presidential villa in Abuja, the Senate President also assured Nigerians that the legislature would ensure it will not be frivolous in granting Executive requests for loans.

He said that any executive request would be subjected to thorough scrutiny to be sure they are necessary and assured that the use of such loans would be monitored through oversight.

“What I want to assure Nigerians here is that we are not going to be frivolously supporting or approving loans for the executive arm of government.

Whenever we have to approve any loan, we have to insist on the details of what projects will be funded by those loans. We’ll have to look at the conditions that are attached to the loans.

Our options are really very limited as a country. First, we don’t have the necessary revenues, Nigeria is poor, we shouldn’t deceive ourselves. Nigeria is not rich, given the circumstances we live in, given the challenges we have; our resources are so low, our revenues are so low and therefore, the option of not doing anything, just to sit because we have no money, we shouldn’t go for infrastructure development, is not even an option worthy of consideration,” he said.

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