{"id":37216,"date":"2022-08-01T04:21:04","date_gmt":"2022-08-01T04:21:04","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=37216"},"modified":"2022-08-01T04:21:04","modified_gmt":"2022-08-01T04:21:04","slug":"improving-revenue-generation-to-checkmate-nigerias-rising-debt","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/08\/01\/improving-revenue-generation-to-checkmate-nigerias-rising-debt\/","title":{"rendered":"Improving revenue generation to checkmate Nigeria\u2019s rising debt"},"content":{"rendered":"

Nigeria\u2019s unending resort to local and foreign borrowings to fund budget deficits and infrastructural projects<\/a> has been of concern to the Nigerian public in recent times.<\/p>\n

Some stakeholders have expressed concern that the borrowings by both the Federal Government and state governments, if unchecked,\u00a0 could create an avoidable debt burden for future generations.<\/p>\n

The Debt Management Office<\/a> (DMO) recently announced that the country\u2019s public debt, which stood at N39.55 trillion as at Sept. 2021, was now N41.6 trillion.<\/p>\n

The amount represents the total external and domestic debts of the Federal Government, the 36 state governments and that of the Federal Capital Territory (FCT).<\/p>\n

Findings by the News Agency of Nigeria (NAN), however, reveals that the total debt stock is likely to exceed N45 trillion before the year runs out, as the DMO plans to borrow additional six trillion Naira to finance the 2022 budget deficit.<\/p>\n

An analysis by the DMO pegs the overall deficit in the 2022 budget at N6.30trillion, representing 3.46 per cent of the country\u2019s Gross Domestic Product (GDP).
\nA breakdown of Nigeria\u2019s public debt stock shows that 37.82 per cent is external, while the balance of 62.18 per cent is domestic.<\/p>\n

However, with the country\u2019s national debt in relation to Gross Domestic Product (GDP) ratio at 22.80 per cent, some analysts suggested that the debt situation was still within reasonable limits.<\/p>\n

According a study conducted by the World Bank, a Debt-to-GDP ratio that exceeds 77 per cent for an extended period of time may result in an adverse impact on economic growth.<\/p>\n

But the huge revenue that goes into debt servicing still remains an issue of concern for many Nigerians.<\/p>\n

Sometime last week,\u00a0 the Minister of Finance,\u00a0 Mrs Zainab Ahmed,\u00a0 disclosed that\u00a0that\u00a0between January and April\u00a0the country\u00a0generated a revenue of N1.63 trillion but expended N1.94 trillion in debt servicing.<\/p>\n

The figures were contained in the Draft\u00a0Medium Term Expenditure Framework (MTEF)\u00a0for 2023-2025, presented by the minister.<\/p>\n

That disclosure elicited diverse reactions from stakeholders,\u00a0 most of whom expressed displeasure about the debt situation.<\/p>\n

A\u00a0member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Robert Asogwa, had earlier expressed worry over the rising debt, particularly the increasing accumulation of eurobonds in the external debt component.<\/p>\n

According to Asogwa, the unexplained government preference of eurobonds at high interest costs, with the associated exchange rate risk may likely hurt Nigeria sooner than anticipated.<\/p>\n

He said that poor revenue growth in a period of expanding government expenditures had continued to soar the budget deficit levels in the first quarter of 2022, similar to the trend witnessed in 2021.<\/p>\n

According to Dr Tope Fasua, an Economist, the government will need to optimise revenue generation to cut down on borrowings.<\/p>\n

Fasua urged the private sector to always cooperate with the government in its revenue drive rather that antagonise such initiatives.<\/p>\n

\u201cThe private sector kicks anytime government proposes a tax increase, no matter how insignificant. It has turned itself into an enemy of government, \u201d he said.<\/p>\n

He, however, disagreed with the DMO that Nigeria had a \u201crevenue problem\u201d and not a debt problem, while urging government to get its expenditure priorities right.<\/p>\n

\u201cWe have a debt problem, we have a revenue problem and we have an expenditure problem.<\/p>\n

\u201cRight now we are just borrowing anyhow. We even borrow to service previous borrowings, \u201d he said.<\/p>\n

Fasua urged the Federal Government to take concrete steps to boost its revenue generation so as to reduce budget deficits.<\/p>\n

\u201cWe can look at taxation. Nigerians pay the lowest taxes, like VAT, relative to most other countries. We seem to be resisting every attempt of government to generate revenue.<\/p>\n

\u201cPeople who own buildings refuse to pay property tax, those who make capital gain on asset disposal refuse to pay capital gain tax. Nigerians pay some of the lowest amounts in alcohol taxes; in cigarette taxes and things like that.<\/p>\n

\u201cThe recently introduced tax on carbonated drinks is commendable but government should have been a bit more aggressive with it,\u201d he said.<\/p>\n

Mr Okechukwu Unegbu, a past President of the Chattered Institute of Bankers of Nigeria (CIBN), decried the huge deficit in the budget and the dependence on loans to fund it.<\/p>\n

He urged the government to look inwards by encouraging production and value addition to the various natural resources in the country, reduce importation and encourage consumption of locally made products.<\/p>\n

\u201cOur debt servicing ratio is high; we are putting almost 70 per cent of our earnings on debt. This is worrisome,\u201d he said.<\/p>\n

Also , the Lagos Chamber of Commerce and Industry (LCCI), in a recent report critiqued the Federal Government\u2019s \u201cover-dependence\u201d on borrowings.<\/p>\n

The chamber said, in the report\u00a0 that staying within the current Debt-to-GDP threshold was an unreliable means of calibrating Nigeria\u2019s current debt burden.<\/p>\n

According to the LCCI, government must review its borrowing parameters on the basis of the country\u2019s Debt-to-Revenue ratio, which currently calls for concern.<\/p>\n

However, the DMO Director-General, Patience Oniha,\u00a0 said that the Federal Government was aware of the country\u2019s relatively high Debt Service-to-Revenue ratio and had published the figures over the years.<\/p>\n

According to Oniha,\u00a0 the increased public debt includes new borrowings by both the Federal Government and state governments.<\/p>\n

\u201cN2.57 trillion will come from domestic sources, N2.57trilllion from foreign sources, N1.16trillion from multilateral and bilateral loan drawdowns and N90.7billion from privatisation proceeds.<\/p>\n

\u201cRecurrent (non-debt) spending, estimated to amount to N6.9 trillion, is 40 per cent of total expenditure and 20 per cent higher than the 2021 budget.<\/p>\n

\u201cAggregate capital spending of N5.96 trillion is 35 per cent of total expenditure,\u2019\u2019 she said.<\/p>\n

She said that the 2022 aggregate Federal Government spending was projected at N17.1 trillion, which is 18 per cent higher than the 2021 budget.<\/p>\n

The director-general added that debt servicing in the 2022 budget was N3.6 trillion, amounting to 21 per cent of total expenditure and 34 per cent of total revenue.<\/p>\n

She said that the country\u2019s low revenue base and sole dependence on crude oil receipts were primarily responsible for the debt situation.<\/p>\n

She explained that the country did not really have a debt problem, but a revenue problem, adding that the government was already taking practical steps to improve revenue and reduce borrowings.<\/p>\n

\u201cThe primary reason for the high Debt Service-to-Revenue ratio is because Nigeria\u2019s revenue base is low.<\/p>\n

\u201cFurthermore, the government is largely dependent on the sale of crude oil as a major revenue source.<\/p>\n

\u201cWe agree that measures to increase revenues should be initiated by the public sector,\u201d she said.<\/p>\n

She added that the need to develop infrastructure, create jobs and grow the economy made it imperative for the country to borrow.<\/p>\n

She, however, said that the government was already taking steps to increase and diversify its revenue sources as well as reduce its dependence on borrowings.<\/p>\n

\u201cInfrastructure development, job creation and economic growthh in the face of relatively low revenues, require the government to borrow at least in the short term.<\/p>\n

\u201cThe Federal Government is already implementing measures to increase and diversify revenues and subsequently, lower Debt Service-to-Revenue ratio.<\/p>\n

\u201cAmong these initiatives are the Strategic Revenue Growth Initiative (SRGI) and the annual Finance Acts.<\/p>\n

\u201cTo reduce the level of direct borrowing, the government also actively engages the private sector to participate in infrastructure development through various initiatives such as the Infrastructure for Tax Credit Scheme.<\/p>\n

\u201cThe Federal Government also established the Infrastructure Corporation of Nigeria Limited and other Public-Private Partnership arrangements that are guaranteed by the government,\u201d she said.<\/p>\n

She said that if Nigeria had access to the volume of revenue some other African countries had, its debt situation would not be so burdensome.<\/p>\n

\u201cIf Nigeria, with a Revenue-to-GDP ratio of nine per cent generated revenues close to countries like Kenya, Ghana and Angola, its Debt Service-to-Revenue would be lower.<\/p>\n

\u201cKenya has Revenue-to-GDP ratio of 16.6 per cent, Ghana: 12.5 per cent and Angola: 20.9 per cent.<\/p>\n

\u201cThis position is buttressed by the fact that the highlighted countries have higher Public Debt-to-GDP ratios. Kenya has 67.9 per cent, Ghana: 78.9 per cent and Angola: 136.5 per cent.<\/p>\n

\u201cCompared to Nigeria\u2019s 22.80 per cent, yet these countries record relatively lower Debt-Service-to-Revenue ratios due to their higher Revenue-to-GDP ratios,\u201d Oniha said.<\/p>\n

She added that borrowings were essentially for Capital Expenditure and Human Capital Development as specified in the Fiscal Responsibility Act 2007.<\/p>\n

According to her, the level of insecurity in the country has also resulted to increased borrowings.<\/p>\n

\u201cHaving witnessed two economic recessions, we have had to spend our ways out of recession, which contributed significantly to the growth in the public debt.<\/p>\n

\u201cIt is unlikely that our recovery from each of the two recessions would have been as fast without the sustained government expenditure funded partly by debt.<\/p>\n

\u201cTo compound matters, the country has technically been at war with the pervasive security challenges across the nation.<\/p>\n

\u201cThis has necessitated massive expenditures on security equipment and operations, contributing to the fiscal deficit. Defence and security sector accounted for 22 per cent of the 2021 budget,\u2019\u2019 she said.<\/p>\n

She emphasised that the most viable solution to the country\u2019s fiscal challenge was to grow sources of revenue and plug all leakages.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s unending resort to local and foreign borrowings to fund budget deficits and infrastructural projects has been of concern to the Nigerian public in recent times. Some stakeholders have expressed concern that the borrowings by both the Federal Government and state governments, if unchecked,\u00a0 could create an avoidable debt burden for future generations. The Debt […]<\/p>\n","protected":false},"author":4,"featured_media":37257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[11],"tags":[1720,3211],"class_list":["post-37216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro","tag-debt-management-office","tag-gross-domestic-product"],"yoast_head":"\nImproving revenue generation to checkmate Nigeria\u2019s rising debt » BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/08\/01\/improving-revenue-generation-to-checkmate-nigerias-rising-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Improving revenue generation to checkmate Nigeria\u2019s rising debt\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s unending resort to local and foreign borrowings to fund budget deficits and infrastructural projects has been of concern to the Nigerian public in recent times. Some stakeholders have expressed concern that the borrowings by both the Federal Government and state governments, if unchecked,\u00a0 could create an avoidable debt burden for future generations. 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