West African institute affirms Tinubu ‘can mobilise revenue to reduce borrowing’
• President meets Nasarawa gov, Emir of Borgu, Kyari, Bawa, Ogbuku
West African Institute for Financial and Economic Management (WAIFEM) has told the international community that President Bola Tinubu has capacity to address the nation’s revenue challenges.
Director General of WAIFEM, Dr. Baba Musa, gave the assurance during a podcast organised by the Potomac Group in Germany.
Musa admitted many African governments, including Nigeria, have revenue challenges.
According to him, “what we have seen in the last two years, if I can be very specific, is that the net financing in most of the countries appear to be negative now, which means that countries will have to find a way of mobilising more resources to be able to fund their budget.”
WAIFEM’s confidence in Tinubu’s ability to pool resources together to fund his government’s programmes and projects, Musa said, is hinged on the President’s antecedents.
According to him, “he was judged as one of the best governors that built infrastructure and that also made Lagos to be the highest revenue mobiliser, in terms of domestic revenue mobilisation, which has been a very serious and critical issue for Nigeria”.
He said: “Tinubu has a good track record. So, I believe that with a good cabinet, they will support him and he will move Nigeria forward. We see a bright future coming for the country. I do hope also the fiscal situation will improve.”
Musa described as unacceptable, Nigeria’s 6.5 per cent revenue to Gross Domestic Product (GDP).
“For Nigeria, I think it is an unacceptable situation to have a revenue to GDP of 6.5 per cent. If he can raise it to a little bit, above 10 per cent, I think the need to borrow will drastically reduce and he will be able to have enough resources to invest in the country and, of course, service the existing debt,” he said.
He appealed to Western countries to engage with African countries “and look at the critical needs of Africa, and find a way of assisting Africa to finance its infrastructural need.”
Meanwhile, Tinubu, yesterday, met with a number of dignitaries in his office at the Presidential Villa, Abuja, including Nasarawa State governor, Abdullahi Sule.
The President also met with former Katsina State governor, Aminu Bello Masari.
Earlier in the day, Tinubu met with two royal fathers from Niger State: Emir of Borgu, Muhammed Haliru Dantoro and his counterpart from Kontagora, Mohammed Barau.
The President also held separate meetings with heads of three federal agencies: Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari; Chairman of Economic and Financial Crimes Commission, Abdulrasheed Bawa, and Managing Director of Niger Delta Development Commission (NDDC), Samuel Ogbuku.
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