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The current financial situation in Nigeria is concerning, as the country is spending a significant portion of its revenue to service its debt.
The World Bank reported that Nigeria spent 96.3% of its revenue on debt servicing in 2022, while the Minister of Finance claimed it was only 80.6%.
Regardless of the exact percentage, it is clear that a large portion of the revenue is being used to pay off debts, leaving very little for other essential expenses such as feeding, transportation, healthcare, education, and family care.
The Director-General of the Budget Office, Mr. Ben Akabueze, has confirmed that Nigeria is servicing its debts with an amount that exceeds the revenue it generates.
This unsustainable situation could lead to a lack of funds for social services and infrastructure in the near future.
To prevent potential social chaos, President Tinubu should consider embarking on diplomatic efforts to seek debt forgiveness from creditors.
This may be challenging, considering Nigeria’s mismanagement of a similar debt forgiveness in the past, but with the potential of Nigeria and President Tinubu’s commitment to change, creditors may be willing to listen.
To increase the chances of success in seeking debt forgiveness, it is crucial to reduce the emoluments of public officials, address corruption, and prevent the leakage of public funds.
These three actions will demonstrate Nigeria’s commitment to responsible financial management and make a plea for debt forgiveness more convincing.
This article was updated 11 months ago
