The Nation Newspaper How to tackle national debt challenge, by experts
Continuing the implementation of ongoing fiscal and monetary reforms and a redesign of the national debt issuance strategy will curtail Nigeria’s public debts, experts said yesterday.
The public debt included N59.12 trillion domestic debts and N38.22 trillion external debts. The increase was mainly due to new domestic borrowing by the Federal Government to finance deficit in the 2023 Appropriation Act. Nigeria has been issuing sovereign debts at the domestic market on monthly basis to augment revenue shortages.
Professor of Capital Markets and President, Association of Capital Market Academics in Nigeria, Uche Uwaleke said incurring debt is almost inevitable for a country, especially a developing one like Nigeria, but the debt strategy and overall economic management will to a large extent determine whether the debt is a burden or a catalyst.
“Against this backdrop, the best approach to deal with the debt challenge is to ensure that borrowing is long-term, from concessional sources, and loans should be tied to self-liquidating projects.
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