The Lagos Chamber of Commerce and Industry has cautioned the Federal Government against continued use of debt to meet its financial obligations.
The President, Lagos Chamber of Commerce and Industry, Mrs Toki Mabogunje, in a statement on the quarterly press conference of the chamber on Tuesday, said the approach was not sustainable as the country was still struggling to generate sufficient revenues.
Mabogunje noted that data from the Debt Management Office showed that public debt stock increased by 4.5 per cent to N28.63tn as of March 31, 2020, from N27.40tn as of December 31, 2019. She pointed out that the unification of the exchange rate would affect the cost of production, investment, government budget that had earlier been predicated on N360/$, project costs with foreign currency components and external debt obligations by corporates and government.
She noted that the non-passage of the Petroleum Industry Bill had deprived the oil sector and the broader economy of enormous private investment inflows into the sector.
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