President of the Senate, Ahmad Lawan, has explained why it is important for the Nigerian government to continue to borrow responsibly to fund critical projects in the country.
He believes it is not feasible for the government to tax the people further in the face of the present economic situation and the nation’s infrastructure must be developed.
Lawan made the remarks on Thursday while briefing State House correspondents after a closed-door meeting with President Muhammadu Buhari in Abuja, the nation’s capital.
Read also: Senate Announces Date To Pass ₦895.8bn Supplementary Budget
“You cannot, in my view and judgement, tax Nigerians further for you to raise the money for infrastructural development; other countries do that, but we have serious situation across the country.
So, you cannot put taxes on the people. The only option left is for use to borrow responsibly, utilise prudently and economically, and ensure that the projects are self-sustaining; that they can pay back the loans,” he said.
Lawan added, “Our options are really very limited as a country. First, we do not have the necessary revenue; Nigeria is poor, we should not 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; therefore, the option of not doing anything just to sit (because we have no money, we should not go for infrastructure development) is not an option worthy of consideration. You cannot keep the economy stagnant.”
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