Ahmed Lawan, senate president, on Thursday, said the country is poor and the only way to finance projects is to continue to borrow.
Lawan spoke while addressing state house correspondents, after a meeting with President Muhammadu Buhari at the Presidential Villa, Abuja.
He said options available to the Federal Government to generate more revenue are very limited, adding that Nigeria does not have the necessary revenues to finance projects.
The senate president, however, ruled out increasing taxes by the federal government to raise funds.
“And our options are very limited as a country. First, we don’t have the necessary revenues. Nigeria is poor, we shouldn’t deceive ourselves. Nigeria is not rich given the circumstances we live in, given the challenges we have. Our resources are so low, our revenues so low.
“You cannot in my view and judgment tax Nigerians further for you to raise the money for infrastructural development. Other countries do that but we have serious situations across the country, so the only option left is for us to borrow, borrow responsibly, utilize prudently and economically that Nigerian economy will benefit from the implementation of such infrastructural development.
The national assembly under Lawan’s leadership has been accused of being a rubber stamp of the executive, due to the approval of loan requests by the Presidency.
Nigeria’s debt profile currents stands at N36.3 trillion.