Nigeria’s Senate President, Ahmad Lawan, has said that government will have to borrow to fund the infrastructural development in the country.
Lawan made the comments on Tuesday upon the resumption of the lawmakers from recess.
He added that for the 2022 budget to be appropriately implemented, there was need to obtain funds from “significant borrowing”.
Though he stated that the Federal Government cannot continue to borrow endlessly, he warned that there was a need to improve on the revenue to Gross Domestic Product ratio.
“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 strategise 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.”