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Debt Deficit: DMO, Centre Task Incoming Administration On Revenue Generation
Debt Management Office (DMO) and African Centre for Leadership, Strategy and Development (Centre LSD) have tasked the incoming government on revenue generation to tackle Nigeria’s debt deficit.
The stakeholders made the call on Wednesday, in Abuja at a one-Day Leadership and Development Policy Dialogue Series (LDPDS) with the theme “Nigerian Debt Sustainability Threat: Issues, implications, Lessons and Solutions for the Next Administration”
Director, Portfolio Management Department of the DMO, Mr Dele Afolabi, said that Nigeria had to be deliberate with revenue generation to harness a balanced economy because currently, the revenue did not match the high debt servicing burden of the country.
According to Afolabi, this is imperative since revenue pays debt because the more revenue you have ,the less you have to borrow going forward .
He said although Nigeria had the highest Gross Domestic Product(GDP) in Africa but its government generated revenue to GDP ratio is lower than that of most African countries and this can be tackled through taxes among others.
“The people are not paying the right taxes ,we don’t have the right culture of taxation and revenue for government. So, I think ,looking at the next government ,the key focus should be on how to grow government revenue.
“Most people really don’t pay taxes ,apart from people that receive salaries in the formal sector a lot of people are either not paying tax at all or not paying as they should ;so there a lot of leakages in terms of government revenue.
“If we have the highest GDP in Africa, then we should also have the highest revenue but that is not the situation.’’
Afolabi, therefore, recommended that government should reduce its over dependence on crude oil and harness other resources and solid minerals and block all leakages and grow revenue to reduce accumulating debt.
He also called for stringent action against tax defaulters adding that in other climes ,evading tax payment was criminal and people go to jail for it.
The Executive Director of Centre LSD, Mr Monday Osasah, said that the dialogue was imperative following the Federal Government outcry that Nigeria’s debt sustainability had become threatened following the recent rise in its revenue shortfalls.
Osasah said that according to the Minister of Finance, Nigeria is expected to spend 60 per cent of its total revenue on debt servicing in 2023 and this portended a grave threat to the economy.
“According to Nigerian Bureau of Statistics (NBS) in its Nigerian domestic and foreign debt Q3 2022.
“Nigeria’s debt stock which includes external and domestic debt rose from N42.84trillion or 103.31 billion dollars in the second quarter of the 2022 to N44.06 trillion or 101.91 billion dollars in the third quarter same year.
“The debt figure comprised the debt stock of the Federal Government, the 36 states and FCT.
“The burgeoning trend of our debt is worrisome especially when it is now being used for debt servicing rather than for growing and developing our infrastructure .’’
Osasah said that Nigeria’s debt service-to-revenue ratio is put at 83 per cent of quarter 3,2022 and the ratio had been on the rise as Nigeria faced a dwindling government revenue while government expenditures have increased.
He said that considering the grim reality, the need for begin to think and commence advocacy for budgetary reforms, fiscal prudence and revenue innovation for the next government was paramount.
He said without these, it would difficult for the incoming administration to rescue the country from the weakening debt sustainability trend.
Prof. Isah Mohammed ,a Professor of Transport and Financial Economics ,Department of Economics ,University of Abuja, a key speaker at the event, said public debt was a crucial tool for government to finance public spending .
Mohammed said that this was, especially when it is challenging to increase taxes and cut spending and the procedure has resulted in government having enormous unpaid debts overtime.
“Another way to accelerate economic growth is contracting reasonable debt to pay for infrastructure and public projects.
“In order to encourage long-term development ,the government should also ensure that borrowing is done on conditions that are consistent with entrenching debt sustainability and that borrowed funds are wisely invested in the economy’s value added sectors.’’
Mohammed said that Nigeria should accomplish this to resolve its debt problems, improve its credit standing and achieve sustainable growth.
He also called for effective tax administration to tackle revenue challenges and the need to ensure compliance to remittances devoid of all form of evasion in the system.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.