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

Published

5 years ago

October 13, 2021

Editor

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.

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)

Related Topics:2023 Budget House of Reps

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Edo NLC Crisis: Caretaker Committee Drags Rival Exco, Govt To Court

Published

17 minutes ago

May 6, 2026

Editor

The division in the Edo State Council of the Nigeria Labour Congress (NLC), took a new dimension on Wednesday as Prof. Monday Monday Lewis Igbafen-led caretaker committee approached the National Industrial Court of Nigeria, Benin Judicial Division, seeking to affirm its authority and restrain a rival executive from parading itself as the council’s leadership.

Joined in the suit are the Edo State Government, the Commissioner for Labour and Productivity, and the Attorney-General and Commissioner for Justice.

In a suit marked: NICN/BEN/12/2026, and filed before the court in Benin, the claimant, Igbafen, acting for himself and on behalf of the NLC Caretaker Committee in Edo State, is challenging the continued occupation of the union’s secretariat and control of its assets by members of the Bernard Egwakhide-led factional State Executive Council.

The claimants are asking the court to declare that the caretaker committee (Igbafen-led faction), constituted on August 11, 2025, by the NLC national leadership, remains the only lawful authority to administer the affairs of the Edo State Council pending fresh elections.

They further seek a declaration that the continued occupation of the NLC secretariat located at No. 1 Teboga Road, Benin City, as well as the retention of union assets, financial records, and official instruments by the defendants, is illegal and void.

The suit also prays for an order of perpetual injunction restraining the defendants from parading themselves as officials of the NLC Edo Council or interfering with the functions of the caretaker committee.

In addition, the claimants are seeking a mandatory order compelling the defendants to immediately hand over the secretariat, vehicles, financial documents, cheque books, and all other properties belonging to the union.

The caretaker committee further urged the court to restrain the state government and its officials from interfering in the internal affairs of the union, alleging undue support for the dissolved executive.

The claimants further demand N50 million as general and exemplary damages against the defendants for alleged unlawful usurpation of office and acts prejudicial to the administration of the council.

According to court documents made available to our correspondent, the crisis followed the dissolution of the Edo State Council by the NLC National Executive Council on February 27, 2025, over allegations of misconduct, anti-union activities, and constitutional violations.

However, the matter has yet to be assigned a hearing date.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

6 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

6 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.