Later today, Bola Tinubu will be inaugurated as Nigeria’s President. Ahead of his inauguration, the International Monetary Fund (IMF) asked Tinubu to broaden the country’s sources of income during his administration.
The resident representative for the IMF’s Nigeria office, Ari Aisen says the incoming administration should significantly reduce its reliance on debt to pay for expenses. In January, Nigeria’s Debt Management Office revealed that the next administration might inherit a public debt of ₦77 trillion if the ways and means advances from the Central Bank of Nigeria are securitised.
To address the country’s debt problems, Aisen said that revenue and spending should be the focus areas. He said the Nigerian government was spending more than it was earning through taxes, which is why the debt issue became worse.
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Last updated: December 19, 2024
