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2022 Budget: Reps Fear Economy Collapse, Say Debt Servicing Too High

As the legislative debate on the 2022 budget, which was presented to the joint session of lawmakers by President Muhammadu Buhari last week continued on Wednesday, members of the House of Representatives expressed concerns over the high rate of debt servicing.
While each lawmaker took turns to speak on the highlight of the budget which stood at N16.39 trillion, they maintained that the proposed budgetary provision for debt servicing was 25 per cent of the entire budget, saying it was on the high side.
Those who spoke extensively on the worrisome debt servicing was the Chairman of the House Committee on Judiciary, Hon. Luke Onofiok who observed that the sum of N3.9 trillion for debt servicing representing about 25 percent of the whole budget was worrisome.
He called for a downward review, stating that Nigeria was too fragile to service debts at that high rate, given that the nation was still facing the COVID-19 challenges.
On the external and internal borrowing to service budget deficits, he posited: “Another source of concern is that the proposal before us has a deficit of N6.2 trillion and the government is proposing new borrowings to finance this deficit.
“What this implies is that the total public debt of Nigeria is expected to rise to N5 trillion in 2022 fiscal year. This is worrisome not only for today but generations unborn and the future of Nigeria.”
He called on lawmakers to reduce the borrowing or the executive should assure the parliamentarians that the borrowing was production and not consumption.
He argued that it would be inappropriate to borrow and leave debt for generations yet unborn, stressing that if it’s put into production with expected income, there won’t be any concern.
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The lawmaker called for deliberate funding of power and road infrastructure, saying: “While we put the money borrowed to infrastructure three clear things come to mind. We have looked at security. We need to invest in power. Let us borrow to invest in power and roads. We have road challenges across the country. Let me use for instance Mr. Speaker, the Calabar-Itu road that area is being cut-off.
“People spend 8 hours on the road. And we have seen something less than a billion naira allotted to that road in the different lots that have been given. That is quite inadequate. We have to invest in our roads and in our public transportation.”
House Minority leader, Ndudi Elumelu, spoke on the high rate of debt servicing, noting that the nation can’t afford such at this time.
(DAILY POST)
News
IPF Commends Tompolo’s Commitment To Security In Delta, Nigeria
Ijaw Publishers’ Forum (IPF) has commended High Chief Government Ekpemupolo, popularly known as Tompolo, for his remarkable commitment to improving security in Delta State, Niger Delta and Nigeria at large.
In a press statement by its national president, Comrade Ozobo Austin, the IPF described Tompolo’s gesture towards Delta Security Trust Fund as a demonstration of his firm commitment to promoting peace, security, and progress in the atate, Niger Delta and Nigeria.
The group’s leadership lauded Tompolo’s philanthropic efforts, which according to them, portrayed his dedication to the well-being and prosperity of the country.
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Recall that Tompolo promised continued support for the Delta State Security Trust Fund after making a handsome donation at the event held at the government house yesterday.
“The unprecedented donation and firm commitment to peace and security in the country by High Chief Tompolo are shining examples of his leadership and dedication to the development of Delta State, Niger Delta and Nigeria as a whole.
“We commend him for his vision and generosity, and we urge others to follow his footsteps in supporting initiatives that promote peace and security in Delta State and Niger Delta region.
“High Chief Tompolo’s support will go a long way in enhancing security measures in Delta state and contributing meaningfully to the overall development of the country,” the statement reads.
News
University Suspends Students’ Union Over Controversial ‘Gender Swap Day’
The management of Taraba State University (TSU), Jalingo, has suspended the Students’ Union Government (SUG) indefinitely following allegations of misconduct during the recently concluded 2025 Students’ Week celebration.
The decision came after photos and videos from the event’s controversial “Gender Swap Day” surfaced online, sparking outrage from members of the university community and the general public. The university said the activities violated its values, dress code, and moral standards.
In a statement signed by the Vice-Chancellor, Professor Sunday Paul Bako, on Tuesday, October 14, 2025, the management described the incident as “regrettable and disappointing,” noting that some students’ actions were inconsistent with the institution’s core principles.
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An emergency management meeting held on Monday, October 13 reviewed the incidents and blamed poor supervision and coordination by the current SUG leadership for the disorder that occurred during the week-long celebration.
As part of the resolutions reached, the SUG has been suspended indefinitely to pave the way for a complete restructuring of student leadership and representation. The university also announced plans to introduce a new framework promoting accountability, discipline, and inclusiveness among student leaders.
“Students who were involved in actions that misrepresented the university’s image will face disciplinary action,” the statement read.
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“Those whose behavior involved criminal acts have been arrested and will be handed over to law enforcement for further investigation.”
In response, the SUG led by Victor Mishak Abednego, tendered an official apology to the university management, expressing regret over the embarrassment caused by the event and promising stricter adherence to university rules in future activities.
The university reaffirmed its commitment to academic excellence and moral integrity, warning that such conduct will not be tolerated in any future student-organized events.
News
Fire Ravages Residential Building In Oyo
Properties worth millions of naira have been destroyed in a fire incident that ravaged a residential building in Oyo, Oyo State.
The incident occurred at Aladota, Oke-Olola Area in Oyo around 9 am on Wednesday.
The chairman of the Oyo State Fire Service, Maroof Akinwande, confirmed the incident.
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In a statement made available to DAILY POST on Wednesday, Akinwande said that officers of the agency were immediately mobilised to the scene once they were informed.
“The fire incident was as a result of a spark from electricity which ignited combustible materials and set the room ablaze. No casualty was recorded. The agency was able to save properties worth millions of naira,” he said.
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