Following the increase in Nigeria’s total public debt portfolio, representing the domestic and external debt stocks which stood at #42.845 trillion ($103.312 billion) as of June 30, 2022, the Centre for Social Justice, ActionAid Nigeria, BudgiT, and ChristianAid have reviewed and made a recommendation on the 2023-2025 medium expenditure framework and fiscal strategy paper.
Speaking with newsmen in Abuja, the lead director of Centre for Social Justice, Eze Onyekpere, advised the federal government to delete the amendment in the 2021 finance act which introduced a justification for borrowing.
He said: “It is imperative to redefine the purpose of incurring debt in clear terms of debts being for project that will promote value chain development, improve micro economic, develop infrastructure, and build strategic human capital.
“Nigeria can begin to record improved fiscal and economic performance by reducing the tax expenditure proposal by 90%.
“The National Assembly should open up the budget implementation process and create opportunities for anti-corruption agencies, civil society and all critical stakeholders to contribute to weeding out padded expenditure proposals before they are passed.
“Reduce oil theft and vandalization to a minimum by holding accountable officers under whose watch industrial-scale oil theft occurs.
“Consider a certification and authentication system-pipeline integrity programme that traces Nigeria crude from the wells to refineries as a means of eradicating oil theft.”
Speaking also, the country director of ActionAid Nigeria, Ene Obi, said enough is enough to borrowing to meet personnel, overhead and capital expenditures.
She tasked the Nigerian government to harness diaspora remittances for investment.
“Create transparent platforms and special purpose vehicles to harness the resources of the diaspora community for investment at home.
Obi said, “Create special purpose vehicle for polling funds where funds to be contributed by interested members of the Diaspora may be a a bit lower than the minimum acceptable to international investing firms.
“Design a coherent policy framework to facilitate investments on medium and small scale enterprises from diaspora funds.”
