Senators caution against borrowing to fund budget

Some senators yesterday expressed reservations about the plans by the executive arm to borrow from both internal and domestic sources to fund the 2019 budget.

The senators said should Nigeria continue to borrow money to fund the deficits in her annual budgets, the country would be hugely indebted in the end without any means to repay.

The 2019 budget estimate of N8.83 trillion has a projected deficit of about N1.86 trillion.

Leading the debate on the general principles of the money bill, Senate Leader Ahmad Lawan (APC, Yobe), said the budget captured all the lofty programmes of the government that would ensure good services for Nigerians.

He said the budget deficit would be funded through borrowing, noting that the country has the capacity to take care of the borrowed amount.

Contributing, Deputy Senate President Ike Ekweremadu said it appeared it the country's borrowing level was becoming increasingly unsustainable and that "we must be able to caution ourselves before we mortgage the future of our children.

“Some countries are already in danger including Indonesia because of the borrowing they had in the past. For every money you borrow, there must be a day for payment.

But senators such as Ali Ndume (APC, Borno), Barau Jibrin (APC, Kano), Adamu Aliero (APC, Kebbi) noted that the country has the capacity to take the borrowing.