The Senate President, Ahmad Lawan has said that the National Assembly would ensure the judicious use of loans.
He disclosed this on Thursday at the State House in Abuja when asked about the Federal Government’s use of over ₦3 trillion from the 2020 budget to service debts and more loan requests from President Muhammadu Buhari.
While noting that borrowing is a natural option when revenue is low, the Senate President said the parliament would work with the executive to ensure that such funds were meant for the nation’s capital development for the benefits of Nigerians.
“Whatever request that will come to the National Assembly for borrowing, we must as a National Assembly ensure that such funds when borrowed will be applied on capital projects for the development of the country,” he said.
“I don’t want to jump the gun because the Minister of Finance will make the details available. We are yet to see what it is.
“I want to assure you that once it is in the interest of the people of Nigeria, the National Assembly will work on that. If, however, we have issues, we must apply such funds strictly for the capital development of our country.
Lawan’s remark comes shortly after President Buhari signed the 2021 budget and the finance bill into law at the Council Chambers of the State House in Abuja.
Just ten days ago, both chambers of the National Assembly passed the N13.5trn budget, after which it was transmitted to the President for assent three days after.
President Buhari presented the proposed 2021 budget to the National Assembly on October 8.
The National Assembly, while approving the proposal on December 21, raised the estimate of N13.082 trillion to N13.588 trillion.
This was an increase of N505 billion from the proposed figures presented by the Buhari administration.