The House of Representatives at its plenary session on Tuesday, 27 February 2018 urged the Federal Ministry of Finance to look into the indebtedness and source for fund to offset the debt and or in the alternative come up with payment plan to Pay\u00a0Monies Allocated\u00a0for\u00a0Local Contractors in the 2017 Budget.<\/p>\n
Leading the debate on the motion Hon.\u00a0Magaji\u00a0Da\u2019u\u00a0Aliyu (APC: Jigawa) stated that stated that the Federal Government\u00a0has been\u00a0indebted to the tune of N9.1 Trillion to Local Contractors in the last 3 years as reflected in the\u00a0Reports of the\u00a0Central Bank of Nigeria\u00a0and the Debt Management Office. He noted that the inability of the Federal Government to finance the 2017 budget deficit and meet its other obligations made the Ministry of Finance to source for funds from commercial Banks and the Capital Market through \u201csukuk\u201d\u00a0e.t.c\u00a0while the said fund has not been used to pay indigenous contractors.<\/p>\n
Speaking further, Hon. Aliyu noted that the country\u2019s most recent economic recession\u00a0had adversely affected\u00a0the standard of living of Nigerians. Therefore, the Federal Government could\u00a0reflate the economy\u00a0by paying Local Contractors to create employment\u00a0and increase the purchasing power of Nigerians. He also said that the sum of N20, 000,000,000.00\u00a0(Twenty Billion Naira) was earmarked in the 2017 budget to settle debts owed to local contractors and other liabilities.<\/p>\n
In addition, Hon. Aliyu emphasised to the importance of resolving the exigency at hand. He expressed concern that some of those\u00a0contractors may have collected loans from various commercial Banks or other financial houses, which\u00a0may\u00a0be yielding interest on daily basis and may have even\u00a0lost\u00a0the\u00a0collateral\u00a0used to obtain\u00a0such loans due to the delay in payment. He also stated that many of the local contractors would have dependents, responsibilities and various financial commitments, especially\u00a0at these\u00a0trying times where the economy has just exited from recession and\u00a0unemployment\u00a0is rife.<\/p>\n
The House also mandated\u00a0its Committee on Aids, Loans and Debt Management to ascertain\u00a0the efforts of the Debt\u00a0Management Office in assessing the Federal Government\u2019s inability to pay Local Contractors; and investigate\u00a0the\u00a0actual indebtedness of Ministries, Departments and Agencies of\u00a0the Federal Government to Local Contractors within the\u00a0last three years.<\/p>\n","protected":false},"excerpt":{"rendered":"
The House of Representatives at its plenary session on Tuesday, 27 February 2018 urged the Federal Ministry of Finance to look into the indebtedness and source for fund to offset the debt and or in the alternative come up with payment plan to Pay\u00a0Monies Allocated\u00a0for\u00a0Local Contractors in the 2017 Budget. Leading the debate on the […]<\/p>\n","protected":false},"author":2,"featured_media":1275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":""},"categories":[24],"tags":[],"acf":[],"author_meta":{"display_name":"PLAC","author_link":"https:\/\/placng.org\/i\/author\/olumide-adebayo\/"},"featured_img":"https:\/\/placng.org\/i\/wp-content\/uploads\/2019\/12\/housereps-300x225.jpg","coauthors":[],"tax_additional":{"categories":{"linked":["News<\/a>"],"unlinked":["News<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 8 years ago","modified":"Updated 8 years ago"},"absolute_dates":{"created":"Posted on February 28, 2018","modified":"Updated on February 28, 2018"},"absolute_dates_time":{"created":"Posted on February 28, 2018 12:00 am","modified":"Updated on February 28, 2018 12:00 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/1639"}],"collection":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/comments?post=1639"}],"version-history":[{"count":0,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/1639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media\/1275"}],"wp:attachment":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media?parent=1639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/categories?post=1639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/tags?post=1639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}