SENATORS SEEK SOLUTION OVER NIGERIA’S RISING DEBT PROFILE

Written by on March 14, 2019

The Senate yesterday commenced the debate of the N8.83 trillion 2019 Appropriation Bill with senators frowning upon the rising debt profile of the nation.

Reports say Nigeria’s rising annual debt profile took the front burner at plenary with the senators calling for caution on the part of the executive so as not to return the country to an highly indebted one it was before the 2005 debt relief granted it by the Paris Club.

First to raise the alarm was the Deputy Senate President, Ike Ekweremadu, who spoke after the Senate Leader, Ahmed Lawan, had given the lead debate on the budget estimates for passage for second reading.

Ekweremadu had said though the budget proposals need to be given top consideration and passage in view of enormous time already lost on the bill however was quick to add that its borrowing plans must be scrutinised to prevent the country from exceeding its limit when compared with the ratio of Gross Domestic Product ( GDP).


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