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House of Reps to Investigate Nigeria’s rising debt profile

- Lawmaker, Yusuf Tajudeen, draws the attention of the House of Representatives to the alarming rise of Nigeria’s debt profile

- Tajudeen says Nigeria’s debt profile has led to growing economic instability, stifled growth and stunted development

- Following Tajudeen’s argument, the House mandates its committees on aids, loans and debt management, capital market and institutions and banking and currency to look into the matter and report back within four weeks for further legislative action

The House of Representatives has commenced investigation into Nigeria’s alarming debt profile sequel to the adoption of a motion by lawmaker, Yusuf Tajudeen, who raised concern over the issue.

Tajudeen noted that the alarming rise of Nigeria’s debt profile has led to growing economic instability, stifled growth and stunted development which is impacting negatively on various sectors of the economy, This Day reports.

The aim of the motion is to bring to the fore the alarming Nigeria debt profile,” noting that there is need to always tag borrowing to specific projects,” the PDP lawmaker representing Kogi state said.

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“N13trillion in three years is humongous. If we have borrowed 13trillion in three years, we must be sure we are delivering on the doable.

The lawmaker said there was glaring disparity about the true state of Nigeria’s debt profile, going by the figures given by the federal government and some fiscal policy monitoring organisations.

He also noted that the domestic debts of state governments had risen from N1.69trillion in June 2015 to N3.4trillion in June 2018.

READ ALSO: NAIJ.com upgrades to Legit.ng: A letter from our Editor-in-Chief Bayo Olupohunda

Following his argument, the House mandated its committees on aids, loans and debt management, capital market and institutions and banking and currency to look into the matter and report back within four weeks for further legislative action.

Meanwhile, the president of the Nigerian Senate, Bukola Saraki, on Thursday, December 20, described the 2019 appropriation bill presented to a joint session of the National Assembly on Wednesday, December 19, by President Muhammadu Buhari as hopeless.

Saraki, who spoke as the director general of the Peoples Democratic Party (PDP) Presidential Campaign Council (PCCO) in Abuja, at a town hall meeting the party’s flagbearer, Alhaji Atiku Abubakar, had with Civil Society Organisations (CSOs), further argued that Nigerians were safer in 2015 than they are today.

NAIJ.com (naija.ng) -> Legit.ng: Same great journalism, upgraded for better service!

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Source: Legit.ng



from Nigeria News today & Breaking Naija news ▷ Read on LEGIT.NG 24/7 http://bit.ly/2EGRZgd
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