Senate President Ahmad Lawan has described the 2022 budget as “too critical for its implementation to be left in the hands of the executive without proper oversight by the senators.”
Lawan stated this in his speech as senators resumed legislative activities from the new year recess on Tuesday.
He stated that the budget is the last to be fully implemented before another administration in May 2023.
He said there is no time to allow wastage as the budget is largely funded through borrowing, a development that hangs the country between the ‘devil and the deep blue sea.’
Lawan said: “Distinguished colleagues, as we all know the oversight of the implementation of the budget is a critical function of the National Assembly.
“We must therefore strategize on effective oversight of the implementation of the 2022 Budget. This is going to be the last budget that would be fully implemented for 12 months in the life of the Ninth Senate. We therefore need to supervise very closely.
“Funding of the 2022 Budget is predicated on significant borrowing. Our country is caught between the devil and the deep blue sea. We have to construct and provide infrastructure in all parts of our country because infrastructure is needed for our nation to develop.
“However, we do not generate enough revenues to fund the provision of such infrastructure. Until more revenues are generated, the country has to borrow and also resort to other sources of funding for our infrastructural development.
“But we cannot continue to borrow endlessly. It is imperative that we need to improve on the revenue to Gross Domestic Product (GDP) ratio. At about 8% Revenue to GDP ratio, our country is basically at 50% of what is required of the revenue to GDP of 15% for it to support any significant economic development.”