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Nigeria's Government Seeks to Generate More Revenue to Address Rising Debt

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The Nigerian government plans to finance its deficit through new borrowings, adding to the current debt stock. Experts warn that the country's debt service to revenue ratio may exceed 100% in 2023, limiting the government's ability to pay for its operations. To address this, the government aims to generate more revenue by removing fuel subsidies, floating the naira, and liberalizing the foreign exchange market. However, additional sources of revenue are needed. This article explores the potential of non-tax revenues in Nigeria.

The Nigerian government plans to finance its deficit through new borrowings, adding to the current debt stock. Experts warn that the country's debt service to revenue ratio may exceed 100% in 2023, limiting the government's ability to pay for its operations. To address this, the government aims to generate more revenue by removing fuel subsidies, floating the naira, and liberalizing the foreign exchange market. However, additional sources of revenue are needed.

This article explores the potential of non-tax revenues in Nigeria

 

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Nigeria Should Generate Adequate Revenue to Reduce Deficit Financing, Says Finance MinisterThe Minister of Finance and Coordinating Minister for the Economy, Wale Edun, emphasized the need for Nigeria to generate adequate revenue to reduce its high deficit financing. He stated that the country should not rely solely on borrowing to fund its budgets and should instead focus on investing in infrastructure that can generate revenues.
Source: DailyPostNGR - 🏆 11. / 59 Read more »