Ahmad Lawan, the senate president has disclosed the darkness behind the excessive borrowing of money the Nigerian government has condoned in the past few months.
Ahmed revealed this on Thursday while briefing State House correspondents following a closed-door meeting with President Muhammadu Buhari in Abuja.
The Senate president added that it’s not encouraging to tax the citizens more often following the nature of the Nigerian recession.
In his words, he said:
“You can’t, in my view and judgement, 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, utilise prudently and economically, and ensure that the projects are self-sustaining; that they can pay back the loan.”
“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.”