Peter Obi, economists lecture Tinubu’s govt on how to reduce borrowing

• Forex alone not determiner of high commodity prices, says expert

He noted: “At the end of the second quarter of 2023, our debt stood at N87.9 trillion, which was very disturbing to us, because we were at a loss on what we did with the huge debt, especially the over N30 trillion Ways and Means borrowed by the last administration, which, for me, would have been the end of borrowing without any visible and corresponding investment that will benefit the nation.

Recent data by the Debt Management Office , released in its fourth-quarter report, indicates that as of December 31, 2023, Nigeria’s public debt stock stood at N97.341 trillion. This figure encompasses both domestic and external debts of the Federal Government, the 36 states, and the Federal Capital Territory .

Calling for fiscal discipline in government expenditure, he noted: “International bodies, like the International Monetary Fund or the World Bank, are strong enemies of Third World countries. Unfortunately, Nigeria has become a slave to them. They give us money and conditions that will keep us perpetually in debt bondage.

Meanwhile, another economist, Chijioke Ekechukwu, has explained that foreign exchange is not the only determiner of high prices of goods and services. “Traders still have stock of goods bought at a high exchange rate. The naira only gained traction in the last two weeks. It is a short period, therefore, to ascertain stability. Fear of forex instability will also make traders retain old prices.

Nigeria's Federal Inland Revenue Service Tuesday apologised for an Easter social media post that the Christian Association of Nigeria said was "offensive". "As a responsible agency of government, we would like to say we did not put out the flier purposely to denigrate Jesus Christ or detract from the huge sacrifice He made…

Source: Financial Digest (financialdigest.net)

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