Nigeria’s debt profile may hit seventy seven trillion naira in June says NECA
Written by Adewale Adeyemi on January 13, 2023
Nigeria Employers Consultative Association, NECA, yesterday in Lagos, raised the alarm that Nigeria’s debt profile could hit seventy seven trillion naira in June 2023, saying returning the economy to the path of sustainable growth demands that certain fundamentals must be gotten right.
The umbrella body for employers in the country warned that the government is overburdening the citizens and businesses with excessive taxation, urging the government to act fast before and arrest the economy from sliding into deeper challenges in the face of dwindling revenue and myriads of economic challenges and with seeming confusion on how to address the challenges.
Speaking in Lagos, NECA Director-General, Adewale-Smatt Oyerinde, said among the fundamentals to halt the slide “are stable and highly predictable revenue streams, growth-focused monetary and fiscal policies, a secure and business-friendly environment and a legal, regulatory and legislative system that promotes equity, justice and enables enterprise competitiveness.
Vanguard news paper reports that at the last count, the nation is neck-deep in debts hovering around N44.06 trillion in September 2022.