Reps expresses concern over nation’s debt profile

The Speaker of the House of Representatives, Mr Femi Gbajabiamila, has expressed concern over the nation’s ability to meet her long-term debt repayment obligations.

Mr Gbajabiamila, expressed displeasure over crude oil theft and other acts of economic sabotage have led to massive decline of government revenue.

According to him, the major concern during the interactions between the parliament and Ministries, Departments and Agencies ( MDAs), on the Medium Term Expenditure Framework and Fiscal Strategy Paper( MTEF/FSP) have been what will be the scope of deficit financing in the 2023 budget, as well as the decline in crude oil production owing to theft and sabotage.

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The speaker said that in considering the 2023 Appropriation Bill, when it is presented, the House would be guided by the question of how the country can repay loans borrowed to finance the budget.

Mr Gbajabiamila maintained that the parliament would also take into consideration provisions of extant laws, especially as it relates to financing budget deficits.

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While the House appreciates that our current fiscal conditions necessitate borrowing to finance budgetary expenditures, we are, nonetheless, concerned about the long-term impact of this burden on the country and our ability to pay what we owe in a responsible and sustainable way. These questions will be central to our consideration of the 2023 Appropriation Bill when presented.” He said

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The speaker advised the House to be mindful of the provisions of their laws, especially the Fiscal Responsibility Act, as it relates to the scope of deficit financing of the budget.(FRCN)