2023 Budget: Lawmakers Lament Rising Debt, Crude Oil Theft, Seek Solutions
Written by Olarotimi Oshin on September 21, 2022
The House of Representatives, at the resumption of plenary Tuesday, expressed concerns over the rising debt profile of the country and crude oil theft.
The Speaker, Honorable Femi Gbajabiamila, while delivering his welcome remarks after their long recess, noted that some concerns emerged from the Senate and House Committees on Finance interactive sessions with the ministries, departments and agencies (MDAs) of the government on the Medium Term Expenditure Framework and Fiscal Strategy Paper, during which issues emerged on the scope of deficit financing to be proposed in the new budget and decline in crude oil production due to theft and sabotage.
Thisday reports that Gbajabiamila said while the House appreciates that the current fiscal conditions necessitate borrowing to finance budgetary expenditures, there should be worried about the long-term impact of the debt burden on the country and the ability to pay the debt in a responsible and sustainable way.
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