The federal government under President Bola Tinubu’s leadership must immediately undertake a thorough forensic examination of Nigeria’s internal and external debts, according to economist Dr. Ernest Abegbe.
During his speech, Abegbe also called for the nation to be exempt from paying interest and penalties on some loans.
The actual amount of the country’s internal and external debts must be known, he said, and they are essential.
In a statement that was made accessible to Afrisearch on Friday, Abegbe made these claims.
Abegbe said in the statement that the debt condition of Nigeria can be better understood by conducting a forensic analysis of the country’s loans.
Additionally, Abegbe disclosed that this will contribute to freeing up funds for national development on a national scale.
Abegbe added that disclosing total debt amounts is insufficient for Nigeria’s debt management plan.
He went on to say that this will contribute to guaranteeing the whole amount of debt that the present and past administrations had secured.
He went on to say that the present government will be able to negotiate strategic debt cancellation or forgiveness thanks to the exercise’s laid groundwork.
I support the elimination of eligible debts, the forgiveness of interest and penalties, and the implementation of strategic restructuring to free up funds for national development, and I have urged the Federal Government to undertake a thorough forensic assessment of Nigeria’s domestic and foreign debt portfolio.
The exercise would lay the groundwork for the federal government to negotiate relief measures with appropriate creditors, including strategic debt forgiveness, cancellation of eligible obligations, restructuring, interest and penalty waivers, and cancellation, among others.”
The federal government under President Bola Tinubu’s leadership must immediately undertake a thorough forensic examination of Nigeria’s internal and external debts, according to economist Dr. Ernest Abegbe.
During his speech, Abegbe also called for the nation to be exempt from paying interest and penalties on some loans.
The actual amount of the country’s internal and external debts must be known, he said, and they are essential.
In a statement that was made accessible to Afrisearch on Friday, Abegbe made these claims.
Abegbe said in the statement that the debt condition of Nigeria can be better understood by conducting a forensic analysis of the country’s loans.
Additionally, Abegbe disclosed that this will contribute to freeing up funds for national development on a national scale.
Abegbe added that disclosing total debt amounts is insufficient for Nigeria’s debt management plan.
He went on to say that this will contribute to guaranteeing the whole amount of debt that the present and past administrations had secured.
He went on to say that the present government will be able to negotiate strategic debt cancellation or forgiveness thanks to the exercise’s laid groundwork.
“I called on the Federal Government to conduct a comprehensive forensic audit of Nigeria’s domestic and external debt portfolio.”In order to free up funds for national growth, I propose eliminating interest and penalties, reorganising debt strategically, and cancelling qualified obligations.
“The exercise would provide the necessary foundation for the Federal Government to negotiate strategic debt forgiveness, cancellation of eligible obligations, interest and penalty waivers, restructuring and other relief measures with relevant creditors.”