Rising debt: DMO blames COVID-19, experts say borrowing from CBN dangerous
Everest Amaefule, Nike Popoola, Femi Asu, Okechukwu Nnodim and Temiloluwa O’Peters
Published 3:47 am
Everest Amaefule, Nike Popoola, Femi Asu, Okechukwu Nnodim and Temiloluwa O’Peters
Published 3:47 am
Nigeria’s debt profile has been on the increase because of the impact of revenue crash and the crises trailing the coronavirus pandemic on the economy, the Debt Management Office has said.
However, some economists and experts have warned of the dangers of continued borrowing from the Central Bank of Nigeria by the Federal Government.
Both the DMO and experts were responding to questions posed by our correspondents following the claim by the Edo State Governor, Godwin Obaseki, that the country printed N60bn to augment what the three tiers of government shared in March.
ANAN do not operate like ICAN. ANAN is quite unique among all professional accountancy body in the world by simply having the Nigerian College of Accountancy
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CBN ‘naira-4-dollar’ policy may increase foreign remittance to $34bn
Tope Omogbolagun
The Central Bank of Nigeria’s ‘Naira-for-Dollar’ policy may increase the country’s foreign remittances to $34.89bn by 2023.
Forecast by PricewaterhouseCoopers, one of the big four accounting firms, had suggested that Nigeria’s remittance flows could reach $34.89bn by 2023 if the policies were right.
PwC in the forecast noted that the growth in remittances is subject to global economic forces, which could spur or hinder growth of remittance flows, growth in emigration, economic conditions of residing countries and poor economic fundamentals in the Nigerian economy.
The forecast revealed that as of 2017, the highest remittance came from the United States, followed by the United Kingdom, Cameroon, Italy, Ghana, Spain, Germany, Benin Republic, Ireland and Canada.
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