The Debt Management Office has commended President Bola Tinubu for his economic focus on improved expenditure as a way of reducing public debt levels.
“The Baseline analysis projects total public Debt-to-GDP ratio at 37.1 per cent for 2023, indicating a borrowing space of 2.9 per cent when compared to the self-imposed limit of 40 per cent.
“This is because the outcome of the Shock Scenario, which is more realistic in the circumstances, exceeded the self-imposed limit,” it said. With respect to the expansion of the fiscal deficit, the DMO said that there was a need to strictly adhere to the provisions of extant legislation on government borrowing.
“This is with a view to raising the country’s tax revenue to GDP ratio from about seven per cent to that of its peers.
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