President of the Senate, Senator Ahmad Lawan has advised the federal government should explore other ways of financing its projects in order to reduce borrowing.
Lawan spoke during a joint session of the national assembly on Thursday where President Muhammadu Buhari presented the 2022 budget proposal.
The senate president stated that the ministries, departments and agencies (MDAs) have the potential to contribute more to the federation account.
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“Mr President, we understand that due to paucity of revenue, the federal government has to resort to raising funds from foreign and domestic sources to provide infrastructure across the country,” he said.
“That is why the national assembly approved the requests for borrowing. The commitment of the federal government in providing infrastructure across the country means that the funds must be raised one way or the other.
“Government should also explore other sources of funding for its projects in order to reduce borrowing.”