Stop indiscriminate borrowing, BudgIT, Niger Delta Budget group caution FG

A civic organisation, BudgIT, has expressed concern over the poor fiscal performance of the Federal Government’s 2022 budget and growing subsidy payments.

This was contained in a statement, yesterday, signed by Iyanu Fatoba, Assistant Head, Media and Communications.

The organisation said the fortunes of Nigeria have worsened in the last eight months.

According to BudgIT, the most pressing concern is the debt service-to-revenue ratio, which has reached alarming levels within the first four months of 2022.

It added that the country’s current debt service, which stood at N1.94 trillion from January to April 2022, is over 100 per cent of the nation’s revenue, which was N1.64 trillion naira, within the same period.

“This is in spite of warnings given by the International Monetary Fund (IMF) that Nigeria would be spending over 100 per cent of its revenue on debt service in 2026. Unfortunately, those predictions are Nigeria’s current realities,” the statement reads.

The group asked government to cut down bogus expenses, especially in political offices. It also called for speedy resolution of the lecturers’ strike.

These were contained in a communiqué issued at the end of a two-day Civic Space Protection Forum (CSPF) in Akwa Ibom State, organised by NDEBUMOG, with support from Oxfam.

The forum was part of activities of the FAIR for All (F4A) Power of Voices Programme being implemented in Nigeria by Oxfam through its strategic partners, including NDEBUMOG.