A member of the House of Representatives has criticised the huge debt under the administration of Nigeria’s President Muhammadu Buhari.
He also condemned the deficit in the 2022 budget and the inability of some Ministries, Departments and Agencies (MDA) to generate revenue during plenary on Wednesday.
Chairman of the House Committee on Judiciary Luke Onofiok described the N3.9 trillion designated for debt servicing as a source of worry.
“This is worrisome and raises some issues and concerns. I believe the Federal Government should look at it and tinker with it,” he said.
He also noted that the new budget had a deficit of about N6.2 trillion which would be financed through acquiring more debts.
“What this implies is that, then, the total public debt of Nigeria is expected to rise to N5 trillion in the 2022 fiscal year.
“This is worrisome not only for today but generations unborn and the future of Nigeria. Let us do what we can to try to reduce the deficit and how we can reduce borrowing,” he said.
He said the funds obtained from recovered loot should be utilised in reducing the debt burden of the country.
“I don’t know whether these loots are still in the stomach of snakes or rats or animals but if we apply these loots, it would be for the better of the country,” Onofiok said.
Buhari had presented the 2022 budget before the National Assembly last Thursday.
The budget which summed up to N16.39tn, was described by the President as ‘a Budget of Economic Growth and Sustainability.’