{"id":77944,"date":"2021-09-02T18:50:55","date_gmt":"2021-09-02T17:50:55","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=77944"},"modified":"2021-09-02T18:50:55","modified_gmt":"2021-09-02T17:50:55","slug":"nigeria-should-only-borrow-for-revenue-generating-projects-says-dmo","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/02\/nigeria-should-only-borrow-for-revenue-generating-projects-says-dmo\/","title":{"rendered":"Nigeria should only borrow for revenue-generating projects, says DMO"},"content":{"rendered":"<p>Director-General of the Debt Management Office (DMO), Patience Oniha has admonished that the federal government should only borrow funds for revenue-generating projects.<\/p>\n<p>This admonition word was given on Wednesday by the DG of DMO in Abuja at an<span data-preserver-spaces=\"true\">\u00a0interactive session on the 2022- 2024 medium-term expenditure framework\/ fiscal strategy paper (MTEF\/FSP) committee interactive session.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Oniha charged the FG to improve revenue generation as Nigeria\u2019s growing debt stock rises due to new borrowings in the annual budgets and new borrowings approved under the medium term external borrowing plan.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She explained that Nigeria\u2019s borrowing was high when the country went into recession, and it was based on the economic growth and recovery plan<\/span><span data-preserver-spaces=\"true\"> (EGRP) to bring the economy out of recession.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThereafter, the level of borrowings started coming down, though not significantly, but at least there was a tendency towards that,\u201d Oniha said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThen in 2020, when the budget was revised because of the socio-economic implications of <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/02\/nigeria-records-582-new-covid-19-cases\/\">COVID-19<\/a>, the borrowings shot up, by about double. So the new borrowings in the first 2020 budget was about N1.6 trillion, <\/span><span data-preserver-spaces=\"true\">the revised budget is about N4.6 trillion.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOur position is that medium to long-term, it is not advisable to fund the government with borrowings, it has to be through available revenues then borrowing can be for special purposes.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She said that despite debt-to-GDP ratios of other countries being much higher than Nigeria\u2019s \u2014 Nigeria was at 21.6 percent as of December 2020, while countries like the USA and UK have much higher ratios and, in some cases, more than 80 percent.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, she said the debt service-to-revenue ratio of those countries is 10-15 percent.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis means that our numbers are not adding up because of low revenue generation. The issued recommendation from the DMO, therefore, is that we should begin to focus on revenue,\u201d Oniha said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She said that between January to June 2021, Nigeria\u2019s debt service-to-revenue was about 34 percent.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn reality, the actual ratio is higher, which is not good for any country. When we say there is a revenue problem, there is a revenue problem,\u201d Oniha said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn the DMO\u2019s opinion, the borrowing in the Medium-Term Expenditure Framework (MTEF) 2022-2024 is high, what we then need to do is accelerate revenue significantly to be able to service the debt.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The DMO boss recommended that the country do a lot more about revenue which will, in turn, reduce the level of new borrowings and the debt service-to-revenue ratio.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe other option is to continue borrowing at our current levels of debt service, which we do not recommend because the public debt could become unsustainable,\u201d Oniha added.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOur second recommendation is that we should borrow only for priority projects and for revenue-generating projects.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOur third recommendation is that, in addition to increasing revenues, we can achieve a reduction in new borrowings by actively using Public-Private Partnerships (PPP) arrangements to finance capital projects.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Director-General of the Debt Management Office (DMO), Patience Oniha has admonished that the federal government should only borrow funds for revenue-generating projects. This admonition word was given on Wednesday by the DG of DMO in Abuja at an\u00a0interactive session on the 2022- 2024 medium-term expenditure framework\/ fiscal strategy paper (MTEF\/FSP) committee interactive session. Oniha charged [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":77945,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[19,17096,17098,17097],"class_list":["post-77944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-covid-19","tag-debt-management-office-dmo","tag-nigeria-borrowings","tag-patience-oniha"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria should only borrow for revenue-generating projects, says DMO<\/title>\n<meta name=\"description\" content=\"Director-General of the Debt Management Office (DMO), Patience Oniha has 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