BORROWING TREND 'CANNOT CONTINUE UNCHECKED'- AKPABIO. (PHOTO).

BORROWING TREND ‘cannot continue unchecked’- AKPABIO 

 President of the Senate, Godswill Akpabio says the country’s current trends of borrowing cannot be allowed to continue uncontrolled.

Senator Akpabio made the remark at the opening of a five-day interactive session on the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), with all Generating Revenue Agencies of Government.

According to the Senate President, conscious efforts must be made to reduce budget deficits, which can be achieved by increasing revenue generation.

He, consequently, urged the Stakeholders to think of Short-term measures to reduce the impact of Petroleum Subsidy removal on Nigerians.

Senator Sani Musa, the Chairman of the joint committee, said the meeting would give the lawmakers the opportunity to scrutinise the document to ensure that all sources of revenue are increased.

According to Senator Musa, MTEF and Strategy paper for 2024-2026 must be scrutinised to ensure that it becomes a workable document to lift Nigeria out of the current economic situation.

“Our role as legislators in shaping the MTEF/FSP is not only a constitutional obligation but a moral imperative to our constituents who look to us for guidance and leadership in safeguarding their economic interests,” he said.

“We must engage in thorough and unbiased deliberations, focusing on the welfare of the Nigerian people,” he declared.

“It is only through collaboration and consensus-building that we can develop fiscal policies that are robust, equitable, and conducive to sustainable economic growth. The challenges ahead are formidable, but our resolve is stronger,” the senator insisted.

He assured his colleagues that the finance committee would continue with its investigation, targetting the blocking all leakages , curtailing frivolous expenditures by MDAs and boosting government revenue.