Senators disagree over Nigeria’s debt profile
Most of the contributors to the debate asked the executive to exercise some level of caution on its borrowing plan in order not to return the country to a heavily indebted nation it exited in 2005 through Paris Club debt relief.
“The 2019 Budget seeks to stimulate the national economy, making it more competitive by focusing on infrastructural development, delivery of inclusive growth and prioritizing the welfare of Nigerians to safeguard lives and property; equipping farmers with high told, technology and techniques; empowering and enabling mines to operate in a safe and secured environment and training of our youths through revival of our vocational institutions to ensure they are competitive enough to seize the...
The Enugu West Senator said that scrutinizing the borrowing plan became necessary to prevent the country from exceeding its borrowing limit when juxtaposed with the ratio of Gross Domestic Product . Melaye explained the components of the $60 billion debts profile to include $23 billion external debt and $20 billion local debts.
“This must be stopped because the future of the country and in particular, lives of generations yet unborn are being put in danger.” He said, “Inflation is on the rise, unemployment rate is increasing, assumptions made for the budget estimates as regards $60 oil price benchmark and 2.3million barrel oil production level per day are unrealizable and unrealistic.”
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