Senators who raised the alarm over the increasing debt profile which if not checked, would put the generation unborn in very great danger, however called on the government to put caution above everything.
Ekweremadu who said that time was already running out with regard to consideration and passage of the 2019 budget estimates, stressed however that the increasing borrowing proposals cum plans on yearly budget was becoming unbearable. “The other issue I will like to talk about is the budgetary cycle. Increasingly, we have deviated from the Financial Year proposed by the Constitution, which says in Section 318 that the Financial Year is the period of 12 months from 1st January of every year. Which means it is usually between the 1st of January and 31st of December or any other time as may be prescribed by the National Assembly.
“As we go into the next Assembly, I believe that it is something we need to address between the Executive and the Parliament to ensure we descipline ourselves regarding the time to prepare the budget, present and consider it. According to Senator Melaye, Inspite of the high level of indebtedness of the country, the All Progressives Congress, APC led government was planning to further devalue the Naira to about N500 to a US dollar and that the Nigeria Stock market suffered a misfortune of N300billion loss two weeks ago when President Muhammadu Buhari got reelected .
Source: Loan Digest (loandigest.net)
vanguardngr Small money.
vanguardngr With our huge infrastructure deficit due to many years of neglect, a combination of pubic private partnership, concessioning and sustainable debt financing must be adopted.
vanguardngr Surprise never stop in Nigeria.
vanguardngr This is outrageous.
vanguardngr I like this cartoon
vanguardngr Surprised?😀😀 More to come this year
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