Business
Nigeria’s Debt-To-GDP Ratio To Hit 42% By 2026 – IMF
The International Monetary Fund (IMF) has projected that Nigeria’s Gross Debt-to-Gross Domestic Product ratio will rise from 35.7 per cent in 2021 to 42 per cent by 2026.
The IMF stated this in its October 2021 Fiscal Monitor Report published on its website.
It said the country’s gross debt-to-GDP ratio would increase from 35.7 per cent in 2021 to 36.9 per cent in 2022, 37.7 per cent in 2023, 39.1 per cent in 2024 and 40.6 per cent in 2025.
According to the report, the gross debt includes overdrafts from the Central Bank of Nigeria (CBN) and liabilities of the Asset Management Corporation of Nigeria (AMCON).
It added that the general government’s revenue-to-GDP ratio would decrease from 7.2 per cent in 2021 to 6.5 per cent in 2026, while the general government expenditure-to-GDP ratio would decrease from 13.3 per cent in 2021 to 12.6 per cent in 2026.
The global financial institution said that the general government net debt-to-GDP ratio would increase from 35.3 per cent in 2021 to 41.8 per cent in 2026.
“The overdrafts and government deposits at the Central Bank of Nigeria almost cancel each other out, and the Asset Management Corporation of Nigeria debt is roughly halved,” it added.
The report said for low-income developing countries like Nigeria, average gross debt in 2021 would likely remain stable at almost 50 per cent in 2020, while debt vulnerabilities “are expected to be high.
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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