The country’s debt load is manageable, according to Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, and restructuring is not necessary.
On the eve of the ongoing World Bank/International Monetary Fund (IMF) Annual Meetings, Edun made this statement on Saturday in Marrakech.
The solution, according to Edun, who acknowledged that the nation’s debt service revenue was on the high side, was to increase both oil and non-oil revenue.
Additionally, we have spoken with oil producers and encouraged them to increase their production investments in order to increase revenue in light of the relatively high oil prices.
A fiscal policy and tax reforms committee that is already working to increase revenue production was established by President Bola Tinubu.
“The committee wants to raise the country’s tax-to-GDP ratio from below 10% to 18% in a year. That is another method of handling debt servicing, he added.
The minister asserts that paying off debt will be more affordable the more income you have.
“High interest rates characterise the world we currently live in. Debt is become too expensive, he claimed.
He claimed that because to Tinubu’s fearless leadership, Nigeria was leading the way in luring Foreign Direct Investment (FDI), which would help increase revenue creation.
There is still work to be done, but Nigeria is moving in the right direction and making the right choices to help the economy recover, draw FDIs, and achieve inclusion for women and young people.
These are difficult reforms, but a number of initiatives are being implemented to lessen their consequences and enhance Nigerians’ quality of life, according to Edun.(NAN)
