Senate President Ahmad Ibrahim Lawan on Tuesday described
the 2022 budget as “too critical for its implementation to be left in the hands
of the executive without proper oversight by the senators.”
Lawan stated this in his speech as senators resumed
legislative activities from the new year recess, saying that the budget is the
last to be fully implemented before another administration in May, 2023.
He said there is no time to allow wastage as the budget is
largely funded through borrowing, a development that hangs the country between
the ‘devil and the deep blue sea.’
Lawan said: “Distinguished colleagues, as we all know the
oversight of the implementation of the budget is a critical function of the
National Assembly.
“We must therefore strategize on effective oversight of the
implementation of the 2022 Budget. This is going to be the last budget that
would be fully implemented for 12 months in the life of the Ninth Senate. We
therefore need to supervise very closely.
“Funding of the 2022 Budget is predicated on significant
borrowing. Our country is caught between the devil and the deep blue sea. We
have to construct and provide infrastructure in all parts of our country
because infrastructure is needed for our nation to develop.
“However, we do not generate enough revenues to fund the
provision of such infrastructure. Until more revenues are generated, the
country has to borrow and also resort to other sources of funding for our
infrastructural development.
“But we cannot continue to borrow endlessly. It is
imperative that we need to improve on the revenue to Gross Domestic Product
(GDP) ratio. At about 8% Revenue to GDP ratio, our country is basically at 50%
of what is required of the revenue to GDP of 15% for it to support any
significant economic development.”
The Senate President revealed that the Upper Chamber would
develop a strategy of engagement with revenue-generating agencies on how to
make them achieve their targets and generate more revenues in 2022, believing
that this will boost their revenue-generating drive with a view to reducing
borrowing for development of much needed infrastructure.
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