ACTING FINANCE MINISTER SAYS NIGERIA DOESN’T HAVE DEBT PROBLEM

ACTING FINANCE MINISTER SAYS NIGERIA DOESN’T HAVE DEBT PROBLEM

The Acting Minister of Finance, Mrs. Zainab Ahmed, says Nigeria does not have debt problem because the country’s debt ratio to GDP is below the three per cent threshold set by the Fiscal Reasonability Act.

She noted that the main challenge confronting the nation is revenue problem, saying that the nation lacks the revenue to pay salaries and to also meet the recurrent and capital expenditures.

She added that the national debt appears high because the country is currently facing a low revenue challenge.

Ahmed said this on Friday during a visit to the Nigeria Customs Service Headquarters in Abuja.

The minister also stressed the importance of improving revenue generation to enable Nigeria to achieve its economic objectives.

She said, “People have raised concerns about our debt profile, but we do not have a debt problem.

“Our debt ratio to GDP is still below three per cent, which is the threshold set by the Fiscal Reasonability Act.

“What we have is a revenue problem. We don’t have revenue to pay salaries and to meet the recurrent as well as the capital expenditure.”

Ahmed said the functions of the NCS in regard to revenue generation were germane to the success of the Muhammadu Buhari’s administration.

According to the minister, it is for this reason that the NCS is constantly being pushed to improve revenue collections.

Ahmed said government had considered raising Value Added Tax and Excise Duty as well as including more items on the Excise Duty list.

She said however that government had decided to hold on to the idea until the economic condition in the country improved.

(NAN)

Facebook Comments

About author

Nigerians in South Africa
Nigerians in South Africa 12334 posts

We are about democracy, human rights, public opinion, political behavior, civil rights and policy aimed at improving the human condition, with a focus on African countries.

You might also like

Business 0 Comments

DANGOTE: ONLY AFRICAN IN BLOOMBERG 50 LIST OF YEAR’S MOST INFLUENTIAL PEOPLE

NEW YORK, United States of America, December 5, 2017/APO Group/ — Aliko Dangote was honored last night at the Bloomberg 50 annual gala dinner at New York’s iconic Gotham Hall.

Stranded lobsters and missing wedding dresses: The coronavirus’ global reach

(CNN)In the city of Geraldton on Australia’s western coast, a backlog of rock lobsters were recently stuck waiting in their tanks, with no market to go to. In New Jersey, a boutique has been unable to fill all its wedding dress orders. A small business owner …

Business 0 Comments

Firm backed by Johann Rupert’s Remgro plans to expand high-speed broadband

Firm backed by Johann Rupert’s Remgro plans to expand high-speed broadband – SowetanLIVE

0 Comments

No Comments Yet!

You can be first to comment this post!

Leave a Reply