ABUJA, Nigeria – Mediaage NG News – A member of the Nigerian Senate on Thursday said the debt level of the Nigerian government was still within sustainable limits, describing the loans seeked for, by President Bola Tinubu will be used to finance “critical development projects and programmes”, aimed at improving the country’s economic state.
“It will also ensure effective delivery of public services to the people”, he said.
Senator Michael Opeyemi Bamidele revealed this as the Senate began debate on the general principles of the 2024 Appropriations Bill, presented by President Bola Ahmed Tinubu for consideration and approval of the National Assembly.
Prior to the 2024 budget presentation by the President, he had earlier written to the Senate seeking the approval of a fresh sum of $8.7bn and €100 million, approved under the administration of former President Muhammadu Buhari.
He said the money would be used to fund projects across all sectors, with specific emphasis on infrastructure, agriculture, health, water supply, roads, security, and employment generation as well as financial management reforms.