NECA reveals what Tinubu’s government must do to halt debt overhang

The Nigeria Employers Consultative Association, NECA, has told President Bola Ahmed Tinubu’s government how to avoid debt overhang.

Taiwo Adeniyi, the president of NECA, disclosed this on Wednesday at its 66th Annual General Meeting, AGM, held in Lagos.

NECA’s advice comes amid Nigeria’s rising debt profile.

Media Talk Africa recalls Nigeria’s debt stood at N49.85 trillion as of March 2023, according to the Debt Management Office.

Also in June, the DMO lamented the country’s 73.5 per cent debt to revenue, describing it as unsustainable.

Adeniyi said the government should, as a matter of urgency, implement policies to encourage voluntary tax remittances, block leakages in governance and others.

“Government would need to implement policies to manage its debt, such as widening its fiscal net through incentives that would encourage voluntary tax remittances; block leakages in governance; privatize or sell off government-owned abandoned and non-performing assets”, he stated.