The president of Nigeria, President Goodluck Jonathan has been given 90-days by the House of Representatives to set a debt ceiling for Nigeria, as the country's rising debt profile worries the lawmakers.
The lawmakers who made this known on Tuesday threatened to abandon attending to executive bills if Jonathan did not comply with the Fiscal Responsibility Act and announce a debt ceiling. “It is time we do something about it.
Any Billbrought by the president should be put on hold until he implements the Fiscal Responsibility Act. It is a legislative tool we can employ. It is not a resolution (referring to the debt ceiling directive), it is an Act of parliament that is being flagrantly abused.
The first ninety days has elapsed and the president is yet to comply,”Minority Leader of the House, Hon. Femi Gbajabiamila. According to the Debt Management Office (DMO) as at December 31, 2011, Nigeria’s external debt stood at US$5.7 billion.
A recent request by the president for $8 billion in four years raises Nigeria’s total debt accumulation to $14 billion after exiting the Paris Club debt in 2004.
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