NIGERIA: Senate President Takes a Stand: No More Unchecked Borrowing, Emphasizes Revenue Boost for Nigeria’s Economic Stability

WRITTEN BY: CHIOMA MADONNA NDUKWU

President Akpabio is advocating for a halt to the unchecked borrowing trend in Nigeria, emphasizing the need to boost revenue generation. During an interactive session on the 2024-2026 Medium Term Expenditure Framework, he called for short-term measures to mitigate the potential impact of removing the Petroleum Subsidy. Sen. Sani Musa, chairman of the joint finance committee, highlighted legislators’ role in reviewing documents related to revenue generation, emphasizing the importance of developing robust, equitable fiscal policies. Nigeria’s current debt profile, as per the Debt Management Office, is N87 trillion for Q2 2023, reflecting a 75.2% increase from the first quarter.

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