Contrary to the planned reduction in borrowing to finance the 2016 budget, Senators yesterday urged President Muhammadu Buhari to increase his borrowing plan to revive the nation’s industrial sector and for infrastructural development.
The Senators were however, divided on removal of subsidy on petroleum products while commending the Federal government for proposing $38 per barrel benchmark because of the current downturn in oil prices at the international market.
The lawmakers, while contributing to the debate on the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) on the floor of the Senate, also advocated for more borrowing to industrialise the nation.
Contributing to the debate on MTEF, Deputy President of the Senate, Ike Ekweremadu lamented that the Executive had always submitted the MTEF very late, making it impossible for the parliament to do a thorough consideration of the document before the actual budget presentation.
He said: “We have just few days to the end of the year. It affects the quality of our consideration of this Bill and of course the MTEF itself. So my suggestion is that, next time, the Executive must do well to bring this MTEF in good time to enable us approve of it before they can begin to prepare the appropriation Bill for our consideration for the succeeding year.