Nigeria’s rising debt, a necessary burden — Lawan

Senate President Ahmad Lawan has described the country’s rising debt profile as a “necessary burden” to keep a “stagnated” economy moving.

Many Nigerians have expressed deep concern over the country’s debt stock, which the Debt Management Office (DMO) on Thursday said has hit N33.10 trillion.

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Speaking at a media briefing on the 2nd anniversary of the Ninth Senate in Abuja, Lawan acknowledged that the country’s debt burden was “too heavy”.

He, however, said the loans were necessary because the federal government, with the current state of the economy, could not afford to raise taxes to fund infrastructure, which he said was a must for the country.

He said, “Many Nigerians feel that the debt burden is too heavy. Honestly, it is. But permit me to have an opinion; it is a necessary burden, because to do otherwise will be irresponsible of any government to keep an economy that is stagnated. We have to move on. But we must ensure also that those projects, when completed, are to generate revenue to pay for the debt.”

Lawan also dismissed claims that the 9th National Assembly was a rubber stamp legislature due to its cordial working relationship with the Executive Arm of government.

The Senate President said he was optimistic that the planned dialogue between federal government and Twitter will end the ban on the microblogging site in Nigeria.

Lawan said amidst the falling revenue, responsible borrowing remained the only option for the federal government to build roads and other amenities that would boost the economy.