Business & Finance

Covid-19: It’s difficult to raise revenue for 2020 budget – Lawan

By Oluwaseun Sonde

The President of the Senate, Senator Ahmad Lawan has said that this is the time Nigeria needs World Bank most as Coronavirus declared global pandemic, which is making it difficult to raise revenue for the implementation of 2020 budget.

He made this known when the new World Bank Country Director for Nigeria, Shubham Chaudhuri led a delegation of the Bank officials on a courtesy visit to his office in Abuja on Tuesday, he urged the Bank to come to aid of Nigeria in her effort at poverty alleviation in the country. He said this meeting is a very important meeting coming at a time that Nigeria, particularly, is facing a lot of challenges of financing our infrastructural development.

“It cannot be more auspicious than this. But of course the world itself is facing economic upheaval of some sort because of the Coronavirus or COVIC-19 infection across the globe. “Nigeria has been involved with the World Bank for a long time now and you have been very supportive. But this is the time we need you most”, he said.

He added that 2020 budget was designed to be funded, in a very large part, by foreign borrowing especially for capital projects. “Nigeria is to take a loan of about 17 billion dollar from China out of the 22.7 billion dollar that was passed by the Senate…But today we are not sure of what will happen because almost every country from where we are supposed to borrow the money is facing some challenges. “This is the time the World Bank should stand out to come to the aid of Nigeria.

Normally you will discuss what the issues are and what the request of the country is. I’m sure you have known our challenges because you have been involved in so many things including our power sector.

“I know that you know the issues. We have the issue of power in this country. It is a major issue. Before the security situation deteriorated, our main problem towards achieving our desired development in Nigeria was power.

The security situation took centre stage because its about life and death. I’m sure that if we are able to resolve the security challenges we are going through in Nigeria and then fix our power, Nigeria will be a great country,” he said. Earlier, the World Bank Country Director for Nigeria, Mr Chaudhuri told his host that “we are here to support the government’s programmes particularly as it relates to poverty alleviation, that is our ultimate goal.

It is an opportunity for us to have your thoughts on where you will like to see us direct our support having in mind our ultimate mission is to help eliminate poverty”, he said.

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