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Friday, March 1, 2024

Nigeria Will Need to Borrow to Fund the Budget for 2022

Nigeria’s Senate President, Ahmad Lawan, said on Tuesday, that government will have to borrow to fund the infrastructural development in the country. 

He went on to say that for the 2022 budget to be properly executed, funds from “substantial borrowing” will be required. 

Though he noted that the federal government cannot continue to borrow indefinitely, he stressed that the revenue-to-GDP ratio needed to be improved. 

“Funding of the 2022 budget is predicated on significant borrowing. Our country is caught between the devil and the deep blue sea,” he said. 

“The oversight of the implementation of the budget is a critical function of the National Assembly. 

“We must therefore strategize on effective oversight of the implementation of the 2022 budget. This is going to be the last budget that would be fully implemented for 12 months in the life of the Ninth Senate. We, therefore, need to supervise very closely. 

“At about 8% revenue to GDP ratio, our country is basically at 50% of what is required of the revenue to GDP of 15% for it to support any significant economic development.” 

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