FG: Incoming Administration Will Inherit N77trn Debt •Ahmed reiterates Nigeria not planning debt restructuring, restates commitment to obligations •Country lost N6trn to tax incentives in 2021, move
•Country lost N6trn to tax incentives in 2021, moves to phase out pioneer incentives•80.6% of revenue spent on debt service in 11 monthsThe federal government has revealed that the incoming administration would inherit about N77 trillion debt by the time President Muhammadu Buhari’s tenure ends in May next year. Director General of the Debt Management Office , Ms.
“Once it is passed by the National Assembly, it means we will be seeing that figure included in the public debt. You will see a significant increase in public debt to N77 trillion. Ahmed reiterated that Nigeria was not planning to restructure its debt, just as she said the country was committed to meeting its domestic and external debt obligations.
But Ahmed noted that even though phasing out the incentive won’t be a popular decision, it became imperative in order to ensure that infant industries, especially from the information technology sector, benefited from the policy. “So, we will be exiting some industries from the incentive of pioneer tax. We are aware that this is not going to be a very popular thing to do, but it is a must do for us.
She said, for instance, the real GDP was projected to be 3.75 per cent in 2022, compared to 4.37 per cent that the government had projected in the Medium Term Development Plan. She revealed, “The projected fiscal outcomes in the 2023 budget is based on petroleum subsidy reform ratio and that is to say in the 2023 framework, we had assumed and the National Assembly had approved that petrol subsidy will remain up to the middle of 2023 based on the 18 months extension announced early in 2022.
“Of this, oil revenue share is projected at N2.29 trillion, non-oil taxes are estimated at N243 trillion, and independent revenues are projected to be N2.62 trillion. Other revenues total N762 billion. In aggregate, 22 per cent of projected revenues is expected from oil-related sources, while 78 per cent is to be earned from non-oil sources.”
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