{"id":50777,"date":"2021-06-25T05:21:20","date_gmt":"2021-06-25T04:21:20","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=50777"},"modified":"2021-06-25T05:26:06","modified_gmt":"2021-06-25T04:26:06","slug":"nigeria-is-poor-lawan-defends-borrowing-to-fund-infrastructure","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/06\/25\/nigeria-is-poor-lawan-defends-borrowing-to-fund-infrastructure\/","title":{"rendered":"&#8216;Nigeria is poor&#8217;, Lawan defends borrowing to fund infrastructure"},"content":{"rendered":"<p>Nigeria&#8217;s senate president, Ahmad Lawan has maintained that borrowing is the only way the country can fund its infrastructural needs.<\/p>\n<p>This was made known by the senate president while addressing journalists after meeting\u00a0President Muhammadu Buhari at the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Aso_Villa\" target=\"_blank\" rel=\"noopener\"><strong>Aso Rock villa<\/strong><\/a> on Thursday.<\/p>\n<p>Lawan said Nigeria\u2019s options to raise funds are \u201cvery limited\u201d.<\/p>\n<p>The senate president said the country is \u201cpoor\u201d, and increasing tax to raise more revenue is not an option for now.<\/p>\n<p>\u201cOur options are really very limited as a country. First, we don\u2019t have the necessary revenues. Nigeria is poor; we shouldn\u2019t deceive ourselves,\u201d he said.<\/p>\n<p>\u201cNigeria is not rich, given the circumstances we live in, given the challenges we have. Our resources are so low; our revenues are so low, and therefore, the option of not doing anything, just to sit \u2014 because we have no money, we shouldn\u2019t go for <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/06\/19\/presidency-well-continue-to-collaborate-with-china-for-critical-infrastructure\/\">infrastructure<\/a> development \u2014 is not even an option worthy of consideration.<\/p>\n<p>\u201cYou cannot keep the economy stagnant. Two, you cannot, in my view and judgement, tax Nigerians further for you to raise the money for infrastructure development. Other countries do that, but we have serious situations across the country, so you cannot put taxes on people.<\/p>\n<p>\u201cThe other option is public-private partnership. You need to create the environment to attract investors to come into our country; because of the security challenges we face today, not many investors would like to come to Nigeria.<\/p>\n<p>\u201cIn fact, even those inside Nigeria may not like to invest properly in this sector of infrastructure development.<\/p>\n<p>\u201cSo, the only option left is for us to borrow \u2014 borrow responsibly, utilise prudently and economically, and ensure that the projects are self-sustaining so that they can pay back the loans, so that the Nigerian economy will benefit from the implementation of such infrastructure development.\u201d<\/p>\n<p>The senate president added that all hands must be on deck for the country\u2019s economy to develop for the good of all.<\/p>\n<p>Lawan said the national assembly will be \u201cstiff\u201d with the executive, if the loan requests approved by the lawmakers are mismanaged.<\/p>\n<p>\u201cWhen we approve loans, they also, at their own level of the executive level, are able to be responsible because when we detect anything going wrong, we will not show any understanding. We will be stiff; we\u2019ll be rigid,\u201d he said.<\/p>\n<p>The senate president also noted that the national assembly is working to pass the electoral act amendment bill before it embarks on its annual recess in July.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria&#8217;s senate president, Ahmad Lawan has maintained that borrowing is the only way the country can fund its infrastructural needs. This was made known by the senate president while addressing journalists after meeting\u00a0President Muhammadu Buhari at the Aso Rock villa on Thursday. Lawan said Nigeria\u2019s options to raise funds are \u201cvery limited\u201d. The senate president [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":8776,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[88,960,959,303],"class_list":["post-50777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-ahmad-lawan","tag-borrowing","tag-infrastructure","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>&#039;Nigeria is poor&#039;, Lawan defends borrowing to fund infrastructure<\/title>\n<meta name=\"description\" content=\"Nigeria&#039;s senate president, Ahmad Lawan has maintained that borrowing is the only way the country can fund its infrastructural needs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/06\/25\/nigeria-is-poor-lawan-defends-borrowing-to-fund-infrastructure\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#039;Nigeria is poor&#039;, Lawan defends borrowing to fund infrastructure\" \/>\n<meta property=\"og:description\" content=\"Nigeria&#039;s senate president, Ahmad Lawan has maintained that borrowing is the only way the country can fund its infrastructural needs. 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