The Senate says it plans to reduce the import duties waivers proposed for the N19.76 trillion 2023 budget with an attendant deficit of N12.4 trillion.
This revelation comes in the wake of attempts by the President Buhari regime to remove petroleum subsidy.
Mr Abubakar noted that going into more debt would be a recipe for macroeconomic instability in Nigeria.
Finance minister Zainab Ahmed said the regime plans to spend N19.76 trillion next year, out of which the government could only raise N8.46 through oil sales and other revenues.
Mr Buhari’s new deadline for fuel subsidy removal will be a month after he hands over power, leaving his successor to deal with any backlash that may follow the decision.
“Niger has always been at Nigeria’s side in difficult times, Biafra Niger has sent soldiers and donkeys to defuse the bombs for the benefit of the military.”
Ms Ahmed recently said that the country will require N6.7 trillion to service the subsidy this year.
The first batch of the transformers is expected to start arriving in Nigeria in September.
Since assuming office in 2015 and then going ahead to win reelection in 2019, the Buhari-led regime has involved in heavy borrowing and depleting of the country’s scarce resources.