According to Senate President Sen. Godswill Akpabio, Nigeria’s present borrowing trajectory cannot be allowed to continue unchecked.
He said this at the beginning of a five-day interactive meeting with all government revenue-generating agencies regarding the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
In order to accomplish this, the Senate President emphasized the significance of increasing revenue generation.
In addition, he urged interested parties to come up with temporary solutions to mitigate the possible negative consequences of the Petroleum Subsidy’s withdrawal on the Nigerian people.
Sen. Sani Musa, the chairman of the joint finance committee, also spoke at the ceremony. He stressed that lawmakers will have the chance to examine all papers pertaining to revenue creation and sources of money.
He said,
“Our role as legislators in shaping the MTEF/FSP is not only a constitutional obligation but a moral imperative to our constituents who look to us for guidance and leadership in safeguarding their economic interests”
“We must engage in thorough and unbiased deliberations, focusing on the welfare of the Nigerian people,”
“It is only through collaboration and consensus-building that we can develop fiscal policies that are robust, equitable, and conducive to sustainable economic growth. The challenges ahead are formidable, but our resolve is stronger,”
Nigeria’s current debt profile, as reported by the Debt Management Office (DMO), is N87 trillion for the second quarter of 2023—a 75.2% rise over the first quarter’s figure.
The rise results from the federal government’s acquisition of N23 trillion in Ways & Means.
N54.1 trillion in domestic debt and N33 trillion in overseas debt make up the total amount of debt. The federal government allocated N8.25 trillion for debt service in the 2024 budget.
