Senate yesterday estimated that Nigeria’s present external and local debts at N6.02 trillion, but said the country is not in any danger of going broke. Chairman, Committee on Local and Foreign Debts, Senator Ehigie Uzamere, disclosed this during the committee’s inauguration by Deputy Senate President Ike Ekweremadu.
Giving a breakdown of the debt profile, Uzamere said the external debt stands at $5.398 billion which translates to 2.76 per cent of the Gross Domestic Product (GDP) while the local debt is N5.210 trillion, representing 17.53 per cent of the GDP. Regardless, Senator Uzamere said compared with other countries; Nigeria is still on safe ground with its present debt profile.
He noted: “The situation does not call for a party but more hard work and a serious approach to translate our debt into asset to accelerate our infrastructural development and boost the economy”. The committee chairman said the total debt of N6.02 trillion “is more than the Federal Government’s annual budget. This amount is unsettling and calls for serious concern.”
He asked rhetorically; “do we have the capacity to repay this money considering our yearly revenue profile?”
Also speaking at the inauguration of the Women Affairs Committee, Senator Helen Esuene, its Chairman, outlined the panel’s agenda to include protection of women’s rights as well as focus on increasing female participation in key public sector positions, increasing female participation in commanding and managerial positions in the private sector.
“It is a known fact that shame and stigmatization have often been the cause of perpetrators of rape and other domestic violence going scot free. The committee will look into how to bridge this gap by strengthening prosecution procedures and creating units for trauma management of such victims.
“We will focus on security and welfare of members of the National Youth Service Corps (NYSC), protection of children born and living in prisons and effective implementation of the Child Rights laws. The committee will give serious attention to issues of widowhood, human trafficking and inheritance. “It is pertinent to state that this committee is not out to witch-hunt but to add value to the activities of various establishments,” she said.
Inaugurating the Senate Committee on National Identity Card and Population, the Deputy Senate President stressed the importance of data gathering and advised Nigerians to place emphasis on registration of births and deaths.
At the inauguration of the Works Committee headed by Senator Ayogu Eze, Senator Ekweremadu cautioned that if the present set of ministers of works fail to fix the deplorable road networks in the country “then, we have failed and we may not get it right anymore.”
He urged the committee to liaise with the various organs of government to begin rehabilitation of roads, adding that Nigerians have waited for too long for dividends of democracy. Responding, Senator Ayogu assured that if after four years the committee, in conjunction with the ministry, fails to fix the roads, “our hopes of industrialisation would be a mirage, adding, “we cannot attract foreign investment when our roads are in deplorable conditions.”
via Daily Sun
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