He Civil Society Legislative Advocacy Center (CISLAC) has raised the alarm over the indifference shown by President Bola Tinubu’s administration towards the country’s rising debt profile.
The Executive Director of CISLAC, Auwal Rafsanjani, in a statement on Saturday, expressed concern over the staggering 75 per cent increase in Nigeria’s debt, which now stands at a staggering N87 trillion, saying “the figure represents an increase of 75.29 percent, or 37 naira. 53 trillion, compared to N49.85 trillion recorded at the end of March 2023.”
Rafsanjani highlighted the worrying fiscal implications for the nation, especially as it struggles to manage debt interest payments, despite expected monthly savings of about N400 billion from the removal of fuel subsidies.
He said: “At a time when the international community is pushing for major debt relief initiatives and multilateral financial reforms, Nigeria’s deepening debt situation and fiscal recklessness are being questioned.
“With Nigeria grappling with a major revenue and debt crisis, pressure is mounting on the current administration to address these challenges without further exacerbating borrowing.”
Rafsanjani added: “Analysts call for efforts to reduce the cost of governance, widen the tax net, boost compliance and plug leakages. Collaboration between the government and taxpayers is encouraged to increase tax revenue, ensuring a strong connection between access to public services and tax compliance.
“Policies that promote fiscal transparency must be quickly implemented and partnerships with taxpayers must be fostered to ensure direct use of taxes for infrastructure. In addition, it is considered essential to involve informal sector groups in tax compliance efforts and expand the whistleblowing policy to gather intelligence for tax compliance.”
He also emphasized the urgent need for the National Assembly (NASS) to meticulously scrutinize loan applications, ensuring compliance with the law and alignment with the interests of the Nigerian public.
“In response to these pressing concerns, CISLAC has made a fervent appeal to all well-meaning Nigerians, urging them to persistently demand fiscal prudence and greater concern for the citizenry from the government,” the statement said.