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Nairaland Forum / Nairaland / General / Politics / Nigeria Can’t Continue Borrowing, Lawan Says (13232 Views)
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Nigeria Can’t Continue Borrowing, Lawan Says by adenigga(m): 8:40am On Jan 13, 2023 |
…kicks against indiscriminate tax waivers The Senate President, Ahmad Lawan, has revealed that the Upper Legislative Chamber will turn the heat on various revenue-generating agencies for adequate revenue to fund the implementation of the N21.83tn 2023 budget. Lawan made this known in Abuja during his 64th birthday celebration, where he emphasised that it would no longer be business as usual for the various revenue-generating agencies in the country as the government could no longer continue to borrow to fund the budget. He also noted that aside from the problem of insecurity which was being fought headlong by the government at various levels, the lack of sufficient revenue for the execution of national development programmes was another challenge that must be seriously tackled if the cycle of deficit budgeting or incessant borrowings must be stopped. The Senate President said the move became imperative due to leakages and loopholes in tax collection and remittances to the government amid revenue shortfalls and high debt profile in the country. Lawan said, “Government cannot continue to go borrowing on a yearly basis because it is not sustainable. We have to look inward and generate more money to execute landmark projects and fund infrastructures. “In looking inward, the Senate and by extension, the National Assembly, will turn the heat on various revenue-generating agencies through relevant committees for optimal performance as far as revenue generation is concerned. “The committees through oversight functions will ensure that each of the revenue generating agencies, remit every kobo generated into the national coffers.” He also added that the government would review the processes of granting corporate tax holidays, import duty waivers and concessions to investors and businesses in the Federal Government. He stressed that most of the waivers and concessions needed to be reviewed to generate more money into government coffers and minimise borrowing. He noted, “Enormous revenue being lost through tax waivers will also be looked into in terms of reviewing the policy or calling for its revocation. “Most of what we do in terms of national development is in health, borders insecurity I think we have to work hard to improve revenue generation, and collection because it is not looking too sustainable that we tolerate people, some agencies of government to misapply or not even declare the revenue they collect. “We can’t continue with that. So for us at the Senate, we have decided that for the remaining part, we will continue to engage revenue-generating agencies until we get better outcomes from them. “We will review the waivers, where the waivers cannot be sustained any more such waivers should be reversed or renegotiated but definitely we need to work hard to improve on the revenue generation of the nation by the MDAS and other government agencies,” he added. He added that [i]Nigeria had no reason to be poor to the scaring level of having 133 million of her citizens living below the poverty level[/i] [/b]as recently declared by the National Bureau of Statistics. [b]“Incidentally, the poorest states are in the zone naturally gifted with N33tn worth livestock farming but refused to be supported by government over the decades by categorising it as an individual business,” he said. He posited that if diversification into areas like livestock, which has N33trillion potential investment, is made by the Federal Government, the disturbing poverty level will change for prosperity. Lawan said, “Some critics are always quick at kicking against the idea of livestock development, some of them said it’s private business but there is nothing more private than someone who sets up a bank, killed the bank and transferred the liabilities to Nigerians through AMCON. “AMCON today has about six trillion naira of toxic loans on our head,” he added. Source: https://punchng.com/Nigeria-cant-continue-borrowing-Lawan-says 1 Share
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Re: Nigeria Can’t Continue Borrowing, Lawan Says by Otuchi: 8:45am On Jan 13, 2023 |
Now that Buhari has finished Nigeria patapata you decided to get sense Mr Speaker. It's too late now. 216 Likes 13 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by StrongandMighty: 8:45am On Jan 13, 2023 |
Rubber stamp senate president... Where you blindfolded when you were approving the previous loans? 228 Likes 14 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Terror48: 8:47am On Jan 13, 2023 |
I miss saraki.This rubber stamp fat pig is so foolish like buhari.Thank God he lost his re-election bid. 183 Likes 17 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by FreedomArmy: 8:49am On Jan 13, 2023 |
Thank God this fat pig is going nowhere near the Senate at the end of this administration. 119 Likes 12 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Nobody: 9:01am On Jan 13, 2023 |
This is a subtle call to vote for Obi, to vote for labor party. 132 Likes 10 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by SocialJustice: 9:03am On Jan 13, 2023 |
See this fat fool without sense. 79 Likes 8 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by iwaeda: 9:04am On Jan 13, 2023 |
adenigga: When he was rubber stamping, does he understand the implications? Men of low IQ 27 Likes 2 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by habsydiamond(m): 9:34am On Jan 13, 2023 |
China is coming to claim the whole country because of una debt... una no dey reason.. everything everytime na loam when u are not generating anything within. Politicians without planning and strategy have been putting this country in bad positions. 10 Likes |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by nedu666: 9:38am On Jan 13, 2023 |
All these is mere talk. Who approved 2023 budget with 12 trillion deficit. 32 Likes |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Risingblue008(m): 11:34am On Jan 13, 2023 |
Wetin remain to borrow again? Una don borrow,even borrow dey find wey Dem fit borrow give 9ja. 4k up sets of pple we called rulers,cos I can't call them LEADERS 9 Likes 2 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Felabrity: 11:34am On Jan 13, 2023 |
Thunder fire you Are you not the one that was approving Buhari ridiculous loan request? 19 Likes 2 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Primusinterpares(m): 11:35am On Jan 13, 2023 |
Seriously... All these borrowing had got to stop |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by AntiChristian: 11:35am On Jan 13, 2023 |
May Allah guide us all from bigotry, tribalism and selfishness! |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by NwaNimo1(m): 11:35am On Jan 13, 2023 |
9 Likes 2 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by newnet: 11:35am On Jan 13, 2023 |
Yes, true |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Rich4god(m): 11:35am On Jan 13, 2023 |
See this man, after stamping and approving all the useless loan of this administration. You don't have any moral right to say this... Oga senator. 4 Likes 1 Share |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by dyera(m): 11:35am On Jan 13, 2023 |
If Buhari wasn't such a useless cow, Nigeria's economy would have long been diversified. 10 Likes 1 Share
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Re: Nigeria Can’t Continue Borrowing, Lawan Says by Badgers14: 11:35am On Jan 13, 2023 |
Now this government is leaving, all of a sudden they have started to have sense.. Wasn't this same man that said all the money and perks senators enjoy are not even enough for them?? 9 Likes 1 Share |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Nobody: 11:36am On Jan 13, 2023 |
Ahmed Lawan, good morning, you bloated, poofy buffoon! 13 Likes 2 Shares |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Akwamkpuruamu: 11:36am On Jan 13, 2023 |
Werey, big fat toad! So cattle rearing is no longer individual business abi? Poultry and fish farmers nko? 8 Likes 1 Share |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Slynation(m): 11:36am On Jan 13, 2023 |
Nonsense...after approving trillions of loans for your principal and it's about time to step down, he's now saying rubbish, who will pay those debt?? China literary owns Nigeria as we speak, just that they ain't ready for take over yet...!! 2 Likes 1 Share |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by nedekid: 11:36am On Jan 13, 2023 |
So it's now this orobo is knowing, W hen our debt is already over $200b and impossible to pay. 3 Likes 1 Share |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Wiseandtrue(f): 11:36am On Jan 13, 2023 |
adenigga:More taxes for the poor Wicked people Wetin happen Them no won loan una money again Na now your day break Lawan is the worst senate president this country ever had 14 Likes 1 Share |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by atobs4real(m): 11:36am On Jan 13, 2023 |
Lawan is even tired of borrowing despite his gains 3 Likes |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by chiefolododo(m): 11:37am On Jan 13, 2023 |
A |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by MEGA4BILLION(m): 11:37am On Jan 13, 2023 |
You lost re-election and by extension any loan you approve now won't be of benefit to when being shared. That is why you are against borrowing this year not that you have so much sense 11 Likes 1 Share |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Curious345: 11:37am On Jan 13, 2023 |
Anytime I see this man , I remeber the dull baby hanging at the rear view mirror of my Benz.. It just dangles to the potholes. A pure pendulum that swings towards a specific direction .. The worst thing to ever happen to constitutional authority in Nigeria . A rubber stamp SP 8 Likes 1 Share |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by sotall(m): 11:37am On Jan 13, 2023 |
Rubber-stamp senate president who has been a cash cow to the fulani idiotic president is saying rubbish after sinking Nigeria into massive debt. 7 Likes |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by crestedaguiyi: 11:38am On Jan 13, 2023 |
so says the senate president who oopenly said anything Buhari presents that he would get the senate to approve it and he has lived upto his words . why the sudden change of tone 6 Likes |
Re: Nigeria Can’t Continue Borrowing, Lawan Says by Fiscus105(m): 11:38am On Jan 13, 2023 |
You just wake up from ur deep sleep, when your slave master has completely dealt with Emirate. 3 Likes |
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