Politics

Nigerian Senate Passes 2022 Budget For Second Reading

Nigerian Senate Passes 2022 Budget For Second Reading

Oyogist has learned that the Nigerian senate has passed the 2022 Appropriation bill for a second reading.

Recall Earlier on Thursday, President Muhammadu Buhari had presented a N16.39trillion budget proposal for the 2022 fiscal year.

The lawmakers who contributed to the debate expressed concerns over the increasing fiscal deficit and the government’s continued borrowing to fund capital projects.

While some defended the borrowings, several others advocated Public-Private Partnership (PPP) as an alternative to loans.

Among the senators who defended the bill was Senator Betty Apiafy (PDP, Rivers) who Claimed that the country had not gone overboard with the loans.

She further noted that Nigeria’s debt to revenue ratio at over 70 per cent is among the highest in Africa.

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