Ahmad Lawan the Senate President, on Thursday, revealed that the National Assembly would ensure the judicious use of loans.
He disclosed this at the State House in Abuja when asked about the Federal Government’s use of over ₦3 trillion from the 2020 budget to service debts and more loan requests from President Muhammadu Buhari.
While noting that borrowing is a natural option when revenue is low, the Senate President said the parliament would work with the executive to ensure that such funds were meant for the nation’s capital development for the benefits of Nigerians.
“Whatever request that will come to the National Assembly for borrowing, we must as a National Assembly ensure that such funds when borrowed will be applied on capital projects for the development of the country,” he said.
“I don’t want to jump the gun because the Minister of Finance will make the details available. We are yet to see what it is.
“I want to assure you that once it is in the interest of the people of Nigeria, the National Assembly will work on that. If, however, we have issues, we must apply such funds strictly for the capital development of our country.
Lawan’s remark comes shortly after President Buhari signed the 2021 budget and the finance bill into law at the Council Chambers of the State House in Abuja.
BizWatch Nigeria had reported that the National Assembly not only approved the proposal on December 21 but raised the estimate of ₦13.082 trillion to ₦13.588 trillion.
BizWatch Nigeria had reported that the House of Representatives had cited “economic realities” as the basis why the National Assembly raised the 2021 budget from the initial proposal of ₦13.08 trillion to ₦13.58 trillion.
This was an increase of ₦505 billion from the proposed figures presented by the Buhari administration.
