ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Ley Your Dreams Come Alive – With FCMB Loans
Home Business

Controversy in Senate over Nigeria’s rising debt

14th March 2019
in Business
0
Senate adjourns over  lack of quorum
75
SHARES
390
VIEWS
Share on FacebookShare on Twitter

Fred Itua, Abuja 

Nigeria’s rising debt profile yesterday,  came to the front burner on the floor of the Senate  during debate on the general principles of the N8.83 trillion 2019 budget, when senators called for caution on the part of the Executive to avoid throwing the country into another debt trap.

Deputy Senate President, Ike Ekweremadu, who  raised the issue while contributions after the Senate Leader, Ahmed Lawan, gave the lead debate on the budget estimates for passage for second reading .

Ekweremadu in his contribution, said though the budget proposal has to be given expeditious consideration and passage in view of enormous time already lost on the bill, government’s  borrowing plans must be scrutinised to prevent the country from exceeding its limit when juxtaposed against the ratio of borrowing to Gross Domestic Product ( GDP).

He said: “Time is already running out on us as regards consideration and passage of the 2019 budget estimates, but the increasing borrowing proposals cum plans on our yearly budget is becoming unbearable

“Yes , money must be sought for by any government to fund infrastructure. But it must not be solely anchored on borrowing which in the long run, will take the country back to a problem it had earlier solved. Besides, there are other creative ways of funding such highly needed infrastructure.”

Giving statistics on the rising debt profile, Dino Melaye, said the debt profile of the country now stands at $60 billion from less than $20 billion before the present government came on board in 2015.

According to him,  the components of the $60 billion debts profile include  $23billion as external debt, $20billion as  local debts while $12 billion is already being proposed for financing of Port Harcourt to Maiduguri rail lines 

WATCH VIDEO: DO YOU SEE CORRUPTION ...

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video

WATCH VIDEO: DO YOU SEE CORRUPTION AS A BIG PROBLEM IN NIGERIA?

“Nigeria is gradually turning to a chartered borrowing nation under this government all in the nane of funding infrastructure. This must be stopped because the future of the country and in particular, lives of  generations yet unborn are being put in danger,” he lamented.

He added that even with the high level of indebtedness of the country, the government in power was planning to further devalue the Naira to about N500 to a US dollar and that the Nigeria stock market suffered a misfortune of N300 billion loss two weeks ago when President Muhammadu Buhari got reelected.

“Inflation is on the rise, unemployment rate is increasing , assumptions made for the budget estimates including $60  oil price benchmark and  2.3million  barrel oil production level per day are unrealisable and unrealistic,” he added.

Senators  Shehu Sani, Albert Akpan Bassey, among others, also  called  for caution  on the part of the Executive on the rising debts profile of the country. 

But Senators Gbenga Ashafa, Adamu Aliero, Jibrin Barau and Deputy Senate Leader, Bala Ibn Na’Allah, said the debt profile was not as outrageous as being portrayed by those raising alarm.

Specifically, Na’Allah in his contribution, said rather than saying Nigeria is over borrowing, the country is grossly under borrowing when the total amount borrowed is juxtaposed with her population and resources both human and capital.

Though Mohammed Ali Ndume moved motion for the budget to pass for second reading yesterday in view of enormous time already lost in its consideration, the Senate President, Bukola Saraki ruled that the debate should continue and end next week Tuesday.

Rapheal

Rapheal

Related Posts

Rivers councillors abolish inhumane pensions by-law
Business

Rivers councillors abolish inhumane pensions by-law

29th June 2022
NCDMB seeks collaboration of security agencies to enforce Nigerian Content Law
Business

NCDMB seeks collaboration of security agencies to enforce Nigerian Content Law

29th June 2022
Nigeria produces world’s largest number of African catfish – Official
Business

Nigeria produces world’s largest number of African catfish – Official

29th June 2022
Next Post
NPC PROFIT

OML 11: Presidency orders NNPC to take over entire operatorship

Ogbe, Emefiele commission N2bn Gino Tomatoes Kaduna plant

... As Balance of Payment rises $2.80m — CBN report

Nigeria, India to expand $12bn investment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Abuja: 130 police officers face disciplinary committee as FDC commence sitting

WASH: Kebbi pledges to redeem N218.1 million counterpart funding; Zamfara, Sokoto urge sustenance

Rivers councillors abolish inhumane pensions by-law

Ekiti: TUC issues strike notice to Fayemi over unpaid workers’ benefits

Road to 2023: Ortom, PDP seeks disqualification of Benue APC governorship, senatorial candidates

Ekweremadu: FG steps in, hires lawyers

Trending

MDAs need stiffer sanctions to comply with audit policies; Falana, SERAP, Oke agree
National

MDAs need stiffer sanctions to comply with audit policies; Falana, SERAP, Oke agree

29th June 2022
0

By Lawrence Enyoghasu, Lagos The Chairman, Public Account Committee of the House of Representatives, Hon Oluwole Oke,...

Reps re-introduce controversial water resources bill

Reps re-introduce controversial water resources bill

29th June 2022
Road to 2023: God hasn’t told me to support Atiku yet – Ortom

Road to 2023: God hasn’t told me to support Atiku yet – Ortom

29th June 2022
Abuja: 130 police officers face disciplinary committee as FDC commence sitting

Abuja: 130 police officers face disciplinary committee as FDC commence sitting

29th June 2022
WASH: Kebbi pledges to redeem N218.1 million counterpart funding; Zamfara, Sokoto urge sustenance

WASH: Kebbi pledges to redeem N218.1 million counterpart funding; Zamfara, Sokoto urge sustenance

29th June 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • MDAs need stiffer sanctions to comply with audit policies; Falana, SERAP, Oke agree
  • Reps re-introduce controversial water resources bill
  • Road to 2023: God hasn’t told me to support Atiku yet – Ortom
  • Abuja: 130 police officers face disciplinary committee as FDC commence sitting
  • WASH: Kebbi pledges to redeem N218.1 million counterpart funding; Zamfara, Sokoto urge sustenance
  • Rivers councillors abolish inhumane pensions by-law
  • Ekiti: TUC issues strike notice to Fayemi over unpaid workers’ benefits
  • Road to 2023: Ortom, PDP seeks disqualification of Benue APC governorship, senatorial candidates
  • Ekweremadu: FG steps in, hires lawyers
  • Court restrains Oyo Assembly from removing deputy governor
  • Army to engage services of retired personnel in tackling insecurity – COAS
  • Prolonged ASUU strike forces Gombe student to seek husband
  • Ekiti East by-election winner Fatoba sworn in as member of House of Assembly
  • Mexico to partner with anti-rape groups in Nigeria
  • Ghislaine Maxwell sentenced to 20 years for helping Epstein
  • Justice Ibrahim Tanko: HEDA petitions ICPC, seeks investigation, prosecution
  • Adoration Ministry: Prolonged closure time bomb waiting to explode – Ohanaeze Youth Council
  • Hong Kong in limbo 25 years after British handover to China
  • French parliament elects woman as its speaker, for 1st time
  • Higher fuel prices spark social unrest in South America

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Posting....