The Nigerian Economic Summit Group has advocated the need for tax reforms, fiscal restructuring and project-specific borrowing in order to reduce Nigeria’s high debt burden.
Its suggestion was conveyed in the Debt Management Roundtable’s report on debt management and sustainability in ECOWAS presented by the group to the Debt Management Office, DMO, in Abuja recently.
It emphasized the use of technology in expenditure management and alternative financing to achieve fiscal sustainability.
The group said there was also need for reduction in the cost of governance, debt restructuring, and an independent and autonomous debt management office that would be involved in economic planning, expenditure management and revenue strategy.
NESG CEO, ‘Laoye Jaiyeola, highlighted the depth of research and sub-regional collaboration involved in the production of the report, as well as its significance for sustainable debt management across the region, if implemented.
Jaiyeola said Nigeria was a focal point for debt sustainability, in view of the fact that the country accounted for 50 per cent and 67 per cent of the region’s total debt and Gross Domestic Product respectively.
