President Muhammadu Buhari has announced the key areas on which the loans acquired by his government have been and will continue to be focused.
The President made the unveiling on Thursday October 7th when he presented the Appropriation Bill 2022 before the joint session of the National Assembly in Abuja.
His speech during the presentation was shared on Facebook by one of its speakers, Femi Adesina.
President Buhari also argued that Nigeria is not a debt sustainability problem but a revenue challenge have.
The focus of the credits are on:
1. Completion of major road and rail projects;
2. The effective implementation of projects in the energy sector;
3. Provision of drinking water;
4. The construction of irrigation infrastructure and dams across the country; and
5. The critical health projects like strengthening the national emergency medical service and ambulance system, obtaining vaccines, eradicating polio and upgrading primary health centers in the six geopolitical zones.
What I told Buhari about borrowing – Lawan
Meanwhile, Ahmad Lawan, President of the Senate, has advised President Buhari to reduce the foreign loans taken out to finance the country’s annual budget.
The main legislature advised the president to instead focus on blocking financial losses and avoiding waste at all levels of government.
FG spends 5.80 tn in six months
Meanwhile, the federal government has announced that in the first six months of the year a total of 5.80 trillion was spent on various provisions in the 2021 budget.
However, only N 2.13 trillion, or 39% of the total, came from money the federal government earned during the six month period.