• DMO: FG must adopt significant revenue drive to reduce rising debt, fresh borrowingsThis was disclosed in a media statement titled, ‘DMO publishes total public debt for Q3, 2021’ on the DMO’s website, yesterday.
It added: “The issuance of the $4 billion Eurobonds has brought significant benefits to the economy by increasing the level of Nigeria’s external reserves, thereby supporting the naira exchange rate and providing the necessary capital to enable the Federal Government finance various projects in the budget.”
The House Committee on Aids, Loans and Debt Management, had presented its report through the Chairman, Ahmed Safana . The programme is expected to unlock Nigeria’s agriculture sector potential and create jobs for the citizens. It is conceived to promote industrialisation through the development of strategic crops and livestock.
“It is impressive to see a strong commitment from the Nigerian government – a very strong commitment from the Nigerian Minister of Finance and all of the state governments because they have to give the land, they make sure that all the regulations and incentives are provided.” At the 2021 virtual Coronation Merchant Bank’s virtual webinar on ‘Nigeria’s Debt Landscape: Opportunities for Investors’, held yesterday, the Director-General of the DMO, Patience Oniha, insisted that government needs to prioritise and invest heavily on sectors capable of generating increased revenue such as agriculture, mining and ICT to grow the economy.
“If we grow revenue, debt service to revenue will be low and when this happens, we need not to borrow more. Government can now finance various projects it needs to.” He said: “Debt is sustainable when a country has the ability and size to meet current and future payment obligation without external assistance and default. Debt that is not sustainable has a negative consequence on investment.
Buhari act right and resign, you have exhausted all good will, patience and tolerance.