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Buhari In France: Seeks Debt Relief, More Vaccines For African Countries
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Buhari seeks debt relief for African countries
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Vanessa Obioha writes that the rising debt profile of Nigeria brings a scrutiny on President Muhammadu Buhari’s administration, which is arguably, the only government that has borrowed more than any in the new democratic dispensation and perhaps the only administration that has recorded two economic recessions
Nigeria’s economy, like most nations in the world, contracted due to the unprecedented Coronavirus pandemic last year. The global crash in oil prices forced the country to suspend the external commercial borrowing as indicated by the Minister of Finance Zainab Ahmed. Ninety per cent of the country’s foreign exchange earnings and about 60 per cent of its total revenue are from the oil sector.
By Obinna Chima
Nigeria presently lags behind its peers in Africa in terms of public expenditure-to-Gross Domestic Product (GDP) ratio, the Director-General, Budget Office of the Federation, Mr. Ben Akabueze, has said.
Compared with an African average of about 22 per cent, Nigeria’s public expenditure-to-GDP ratio is at 12 per cent, he added.
Akabueze, in a presentation titled: “Key Objectives and Expected Impact of the FGN 2021 Budget,” he delivered at KPMG’s Tax Breakfast seminar, a copy of which was obtained by THISDAY, yesterday, said the size of the federal, states and local governments’ budgets relative to the needs of the three tiers of government were too small, compared with their levels of expenditures.
•Stop playing the Ostrich, says governor
By Deji Elumoye in Abuja and Dike Onwuamaeze in Lagos
The federal government yesterday faulted a claim by Governor of Edo State, Mr. Godwin Obaseki, that it printed N60 billion to augment funds from the Federation Account Allocation Committee (FAAC) distributed to states and the Federal Capital Territory (FCT) in March.
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, at the end of a meeting of the Federal Executive Council (FEC) in Abuja, described the claim as not only untrue but unfortunate.
But Obaseki in a statement made available to THISDAY last night asked the federal government to stop playing the Ostrich and take urgent steps to end the prevailing fiscal slide.
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