Many economic experts and institutions consider boosting revenue generation as one of the key ways to avoid falling into the debt trap.
The International Monetary Fund has urged Mr Tinubu to take steps to increase the country’s revenue base.
“That is the autonomy and the Independence that we like to see our member countries rely on,” he said. “The Ways and Means is another lump sum of money that affected the economy significantly in the sense that it compounded the problem of inflation. “The transparency and accountability problem we have in the use of funds is extremely problematic at the level of the states,” he said.
“That is why the Fiscal Responsibility Act has provided clearly that borrowings by government should be strictly for capital projects. Yemi Kale, Chief Economist, KPMG, said that the focus should be on the Consumption, Investment, Government Expenditure, Exports and Imports economic indices to fully harness the potential of the country’s economy.
“Although debt to the Gross Domestic Product remains relatively low at less than 40 per cent, arbitrary borrowing from the Central Bank of Nigeria to cover budget deficit has undermined fiscal prudence. According to her, the sector is frustrated by policies that keep changing, timelines while some policies are unrealistic and the fluctuating foreign exchange rate.
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