Fiscal policy expert and Chairman of the Debt Management Roundtable , Mr Taiwo Oyedele, has hinted at the possibility of a debt crisis if Nigeria maintains its skyrocketing debt service cost to revenue.
He warned that unlike before, there are limited options for waivers, renegotiation of terms or outright debt cancellation. Currently, the majority of Nigeria’s debts are reportedly derived from the capital market, not the international community as was the case during the early years of Nigeria’s return to civil rule.
Oyedele explained that the DMR is regionally relevant, but uses Nigeria as a case study due to the size of its population and growing influence on ECOWAS. He therefore advised that the Nigerian government prioritise innovative revenue generation, fiscal efficiency and alternative funding for public expenditure to become a regional reference point in sustainable debt management.
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