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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Nigeria’s economic strategy to mitigate debt service risk: minister 

LAGOS, (Xinhua) -- Nigeria’s revenue and debt management strategy would mitigate the country’s debt service risk and fast-track development, Minister of Finance Kemi Adeosun has said..

The minister, in a statement made available to Xinhua in Lagos, Nigeria’s economic hub on Friday welcomed the advice of the International Monetary Fund in regards to the country’s decision to take more foreign loans.

Nigeria’s further borrowings from foreign partners would help mobilize revenue, whilst reducing the nation’s debt burden by lengthening the maturity profile, she said.

The minister added that foreign borrowings would also increase foreign exchange reserves, reduce crowding-out of the private sector and create savings in debt service cost.

Adeosun said a key element of the government’s economic reform strategy was the mobilization of revenue to improve the ratio of debt service to revenue.

According to her, this was being undertaken through a number of initiatives including the plugging of leakages and the deployment of technology in revenue management.

She cited the example of the Health Pay, a pilot cashless revenue project in the health sector which had recorded increase in revenue.

The minister said the ongoing Voluntary Assets and Income Declaration Scheme (VAIDS) was equally expected to impact positively on the level of tax collections.

 
ABUJA, (Xinhua) -- Nigerian President Muhammadu Buhari (2nd,L) is seen during the 2018 Budget Proposal at the National Assembly in Abuja, capital of Nigeria, Nov.7, 2017. Muhammadu Buhari on Tuesday proposed a total expenditure of 8.6 trillion Nigerian naira (about 23.8 billion U.S. dollars) for the 2018 budget, representing an increase of 16 percent from the 2017 budget estimate. XINHUA PHOTO: OLATUNJI OBASA

Adeosun said the government was refinancing its inherited debt portfolio and this would lead to significant benefits, particularly a reduction in costs of funds.

The government, according to Adeosun, does not see a significant devaluation risk as the implementation of the Economic Recovery Growth Plans (ERGP) would strengthen the naira.

           

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