The House of Representatives on Wednesday decried the country’s rising debt profile as worrisome.
The lawmaker, who spoke during the commencement of debate on the general principles of the 2022 budget proposal at the plenary, noted that the sum of N3.9 trillion was allocated for debt servicing in the budget.
A member of the House, Omofiok Luke, challenged the Federal Government to reduce its dependence on loans from multilateral lenders.
He said: “Another source of concern is that the proposal before us has a deficit of N6.2 trillion and the government is proposing new borrowings to finance this deficit.
“What this implies is that then total public debt of Nigeria is expected to rise to N5 trillion in 2022 fiscal year. This is worrisome not only for today but for generations unborn and the future of Nigeria.
READ ALSO: Senate begins debate on 2022 Budget
“Let us do what we can to try to reduce the deficit and how we can reduce borrowing. There is nothing wrong with borrowing provided we borrow and put it for production, not for consumption.
“So as we begin to look at it let us take the future generations of Nigeria into consideration while we get to borrow and make sure the borrowings are being put into productive ventures.”
President Muhammadu Buhari presented the 2022 budget proposal of N16.3trillion to the joint session of the National Assembly on October 7.
Join the conversation