Nigeria Needs Solutions to Address Low Revenue and High Borrowings - Patience Oniha, DG DMO

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Tuesday, August 17, 2021 / 6:41 PM / Debt Management Office / Header Image Credit: Ameh News


The Director-General, Debt Management Office (DMO), Patience Oniha, has expressed the need for solutions to address low revenues and curb the rising level of new borrowings in the country.

 

The DMO boss observed the need for action at an interactive session on the 2022-2024 Medium Term Expenditure/Fiscal Strategy Paper (MTEF/FSP) held by the National Assembly's House Committee on Finance yesterday in Abuja.

 

In her contribution to discussions, Nigeria debt Czar noted that successive low revenues in the Budget resulted in fiscal imbalance with less than 100% revenue achievements, resulting in high borrowing levels in recent years. Expectedly, these borrowings have led to a high growth rate of the country's debt stock and a significant debt service burden. She added that the trend is the same in the draft 2022-2024 MTEF.

 

Present at the session were the Honorable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed; Director-General, Budget Office of the Federation, Ben Akabueze; Director-General, Debt Management Office, DMO, Patience Oniha; Comptroller-General, Customs, Col. Hameed Ibrahim Ali, Rtd and other top officials of the Central Bank of Nigeria, CBN.


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