Nigeria's rising debt is sustainable - FG assures

Nigeria's rising debt is sustainable - FG assures

- Nigerians do not have to worry about the country's rising debt profile, the Federal Executive Council has said

- The minister of finance said that the country can sustain its debt even though it has a revenue challenge

- According to Udoma Udo Udoma, the country is working on ways to help with the country's revenue generation

The Federal Executive Council (FEC) on Wednesday, April 10, said there is no need to worry over the country’s rising debt, that servicing it is sustainable.

The minister of budget and national planning, Udoma Udo Udoma, said this at the end of the FEC meeting that was presided over by Vice President Yemi Osinbajo, Daily Trust reports.

He told the reporters at the State House that though the country has a revenue challenge, it does not have debt problem.

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He said: “Our debts are sustainable. We do have a revenue challenge and we are focusing on that. Once the revenues come up, it will be obvious that we don’t have a debt problem at all."

The finance minister said that they are working on ways to make the country’s revenue generation better.

He added: “We are looking at initiatives to widening the tax pays. We are looking at initiatives to increase efficiency in collections. We are looking at a single window, which will help to increase efficiency, customs collections. We are looking at many different ways to improve revenues.”

Meanwhile, Legit.ng previously reported that the Nigerian Senate queried the federal Ministry of Finance for high budgetary releases to itself and some of its parastatal agencies.

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It was reported that the Senate committee on finance on Monday, April 1, raised the question when officials of the ministry appeared before them to defend their 2019 budget proposals.

The committee noted that amid complaints of paucity of funds by other government institutions, the ministry of finance was making high budget for itself.

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Source: Legit.ng

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