Because Nigeria is poor, it must continue to borrow to survive – Senate President, Lawan
Ahmad Lawan, the President of the Senate, has explained that it is significant for the Buhari-led Government to continue to borrow responsibly to fund critical projects in the country because Nigeria is poor.
This was disclosed on Thursday while President of the Senate was briefing the State House correspondents following a closed-door meeting with President Muhammadu Buhari in Abuja.
Lawan said he believes it is not reasonable for the Federal Government to tax the people more in the face of the present economic condition, adding that the country’s infrastructure must be developed.
His statement reads, “You can’t, in my view and judgment, tax Nigerians further for you to raise the money for infrastructural development; other countries do that, but we’ve serious situation across the country.
“So, you can’t put taxes on the people. The only option left is for us to borrow responsibly, utilize prudently and economically, and ensure that the projects are self-sustaining; that they can pay back the loan.”
He added, “Our options are really very limited as a country. First, we don’t have the necessary revenue; Nigeria is poor, we shouldn’t 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’ve no money, we should not go for infrastructure development) is not an option worthy of consideration. You cannot keep the economy stagnant.”
