Nigeria to Rethink Debt Servicing and Increase Revenue – Senate Outlines Strategy
President Bola Tinubu of Nigeria has raised concerns about the current economic approach that allocates 90% of the country’s revenue to servicing its external debts. During a speech at the Nigerian Bar Association conference, the president underscored the necessity of making challenging adjustments to propel the country towards a path of growth.
Additionally, President Tinubu has committed to enhancing the compensation for judicial officers and legal professionals, underscoring the significance of justice reform through competitive salaries and benefits.
Concurrently, the Senate has unveiled a comprehensive strategy aimed at boosting Nigeria’s revenue and alleviating its debt burden. The strategy places emphasis on the informal sector and the development of solid minerals, including plans to enact new legislation pertaining to solid minerals to generate an annual revenue of $3 billion from the sector.
Senator Sani Musa, the Chairman of the Senate Committee on Finance, has asserted that the informal sector, specifically the mining industry, holds considerable revenue potential for the country. The committee intends to nurture this sector through appropriate legislation, while also tapping into revenue streams from the marine and creative economies.
Furthermore, the committee has pledged to uphold fiscal discipline and ensure proper accounting for every earned income. This approach is designed to address the country’s financial priorities and development objectives.
The Nigerian economy confronts various economic challenges, such as the recent elimination of fuel subsidies, which has placed strain on the populace. Against this backdrop, the Senate is prioritising measures to stabilise the economy and guarantee equitable access to essential goods and services for all segments of society.
In summary, President Tinubu and the Senate are spearheading pivotal changes in Nigeria’s economic approach and revenue generation, with a strong emphasis on collaboration and cooperation to realise a prosperous and flourishing nation.
