Senate President, Ahmad Lawan has justified the need for the Federal Government to borrow funds, saying it is necessary for infrastructural development in the country.
He stated this on Tuesday at the Senate Chamber upon the resumption of the lawmakers from recess. Lawan stated that funding the 2022 budget is based on significant borrowing, adding that the nation is caught between the devil and the deep blue sea.
The Senate President equally emphasised the need to construct and provide infrastructure in all parts of the country because infrastructure is needed for development. While accepting the Federal Government cannot continue to borrow endlessly, he warned that it is imperative that we need to improve on the revenue to Gross Domestic Product (GDP) ratio.
“Distinguished Colleagues, funding of the 2022 Budget is predicated on significant borrowing. Our country is caught between the devil and the deep blue sea,” he said.