Senate President Ahmad Lawan on Wednesday warned the Buhari administration to minimise its borrowing by considering other alternatives to fund projects.
The Debt Management Office estimated Nigeria’s debt to have hit N31 trillion as of June.
This marks an increase of N18.89 trillion over the N12.12 trillion in 2015.
Mr. Lawan, in a statement on his Twitter page, said the Senate is considering plugging waste by the amendment of Sections 21(1) and 21(2) of the Fiscal Responsibility Act and other laws to enhance operations of all revenue generating agencies.
“While we put in all necessary measures to enhance government revenue, the Federal Government would need to reduce its borrowing by seeking alternative ways of implementing infrastructural projects not funded through local and foreign loans”, Lawan said.
The Senate during Wednesday’s plenary passed the 2021-2023 medium term expenditure framework and fiscal strategy paper.
This was done ahead of President Muhammadu Buhari’s presentation of the 2021 Appropriation Bill to the National Assembly scheduled to hold on Thursday.