NACCIMA calls on govt to cut rising public debts, control expenditure

• Published date: 24 January 2023
• Publication title: Nigeria - The Nation

Nigeria's worsening and depressing socio-economic conditions can be addressed through appropriate policy mix and implementation that can put the ailing economy back on the path of recovery.

Speaking at its first quarter of the year's briefing held at NACCIMA House, on Monday, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) called on the government to take urgent steps to address the nation's rising public debts through fiscal policies and public expenditure controls at various government levels.

NACIMMA National President Ide John C. Udeagbala lamented that based on the report of the Debt Management Office (DMO), Nigeria's total debt stock rose from N42.85 trillion in the third quarter of last year to N44.06 by end of the same year, due to depreciation of the Naira against the Dollar at the official market.

He also said the 2023 Budget has a deficit of N11.34 trillion, planned to be financed mainly by borrowings and privatisation/sales of government assets.

Udeagbala also quoted DMO as saying that the next administration (from May 2023) may inherit a public debt of N77 trillion if CBN is able to securitise the Ways and Means Advances.

'It is obvious that the...