Sunday 25th June, 2017
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2016 Budget: Senate asks Buhari to borrow more

2016 Budget: Senate asks Buhari to borrow more

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.

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