{"id":86971,"date":"2021-09-27T15:38:49","date_gmt":"2021-09-27T14:38:49","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=86971"},"modified":"2021-09-27T15:38:49","modified_gmt":"2021-09-27T14:38:49","slug":"nigerias-n35trn-debt-profile-is-unsustainable-for-economy-neca","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/27\/nigerias-n35trn-debt-profile-is-unsustainable-for-economy-neca\/","title":{"rendered":"Nigeria\u2019s N35trn debt profile is unsustainable for economy &#8211; NECA"},"content":{"rendered":"<p>The Nigeria Employers Consultative Association (NECA) has stated that the nation&#8217;s debt profile is worrisome and unsustainable for the economy.<\/p>\n<p>This was stated by NECA director-general, Timothy Olawale during the weekend.<\/p>\n<p>Olawale advised the<span data-preserver-spaces=\"true\">\u00a0federal government to adopt the public-private-partnership (PPP) approach to carry out infrastructural developments.<\/span><\/p>\n<p>The Debt Management Office <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/02\/nigeria-should-only-borrow-for-revenue-generating-projects-says-dmo\/\">(DMO)<\/a> recently announced<span data-preserver-spaces=\"true\"> that Nigeria\u2019s total public debt (federal and state governments) rose to N35.46 trillion at the end of<\/span><span data-preserver-spaces=\"true\">\u00a0the second quarter (Q2) of 2021 \u2014 an increase of N2.3 trillion in three months.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Lai Mohammed, minister of information and culture, had defended the federal government\u2019s borrowing plans, saying the loans are being used to construct critical infrastructure for the benefit of Nigerians.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe applaud the mammoth infrastructural development being carried out by this administration since inception; however, it is our belief that more can be achieved with the huge natural, human resources and capabilities available within the economy, if managed appropriately,\u201d Olawale said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cNot to say the least, the debt profile currently at N35.5 trillion is worrisome and unsustainable for an economy like ours.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe Association is more concerned with a growing economy, where every economic concern generates sufficient revenue that could pay-off reasonably its debt provisions with less impact on its future earnings and accumulates huge foreign reserves.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAs infrastructural provision is critical to any development for any economy with the robust and friendly business environment, we call for more collaborative efforts in the form of Public-Private Partnership, PPP, in addressing the huge infrastructure deficits, in a very short term and at a cheaper rate.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt is our belief that implementing the PPP initiative in provision of the country\u2019s critical infrastructure, decent and sustainable jobs will be provided, and desirable number of people will be lifted from the poverty rank even before the desired date of 2030.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cMore so, there is need to review the rising cost of governance and block the leakages in governance, which is becoming a clog to development.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigeria Employers Consultative Association (NECA) has stated that the nation&#8217;s debt profile is worrisome and unsustainable for the economy. This was stated by NECA director-general, Timothy Olawale during the weekend. Olawale advised the\u00a0federal government to adopt the public-private-partnership (PPP) approach to carry out infrastructural developments. The Debt Management Office (DMO) recently announced that Nigeria\u2019s [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":79716,"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":[17096,18741,18742,18743],"class_list":["post-86971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-debt-management-office-dmo","tag-nigeria-employers-consultative-association","tag-public-private-partnership","tag-timothy-olawale"],"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\u2019s N35trn debt profile is unsustainable for economy - NECA<\/title>\n<meta name=\"description\" content=\"The Nigeria Employers Consultative Association (NECA) has stated that the nation&#039;s debt profile is worrisome and unsustainable for the economy.\" \/>\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\/news\/2021\/09\/27\/nigerias-n35trn-debt-profile-is-unsustainable-for-economy-neca\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s N35trn debt profile is unsustainable for economy - NECA\" \/>\n<meta property=\"og:description\" content=\"The Nigeria Employers Consultative Association (NECA) has stated that the nation&#039;s debt profile is worrisome and unsustainable for the economy. 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