The Senate President, Ahmad Lawan, has said that the federal government cannot continue borrowing yearly because it is not sustainable.
Lawan made the statement in Abuja when he celebrated his 64th birthday, adding that Nigeria has to look inward to generate money for the execution of projects and funding of infrastructure.
He also pointed out that the issue of insecurity and lack of sufficient revenue for the execution of national development programmes was another challenge that must be seriously tackled if the cycle of deficit budgeting or incessant borrowings must be stopped.
“Government cannot continue to go borrowing on a yearly basis because it is not sustainable. We have to look inward and generate more money to execute landmark projects and fund infrastructures.
“In looking inward, the Senate and by extension, the National Assembly, will turn the heat on various revenue-generating agencies through relevant committees for optimal performance as far as revenue generation is concerned.
“The committees through oversight functions will ensure that each of the revenue-generating agencies remits every kobo generated into the national coffers”, Lawan stated.
“Enormous revenue being lost through tax waivers will also be looked into in terms of reviewing the policy or calling for its revocation.
“Most of what we do in terms of national development is in health, borders insecurity I think we have to work hard to improve revenue generation, and collection because it is not looking too sustainable that we tolerate people, some agencies of government to misapply or not even declare the revenue they collect.
“We can’t continue with that. So for us at the Senate, we have decided that for the remaining part, we will continue to engage revenue-generating agencies until we get better outcomes from them.
“We will review the waivers, where the waivers cannot be sustained any more such waivers should be reversed or renegotiated but definitely we need to work hard to improve on the revenue generation of the nation by the MDAS and other government agencies”, the senate president added.