Buhari govt crippling Nigeria, debt now N33trn from N12trn in 2015 – Moghalu
Former Central Bank of Nigeria (CBN) Deputy Governor, Kingsley Moghalu has expressed concern at the rate Nigeria’s public debt increased in the last six years under the President Muhammadu Buhari administration.
Moghalu raised the alarm that Nigeria is now a dangerous, debt-induced fiscal cliff and accused the federal government of mortgaging the future of the youth.
The presidential candidate of the Young Progressives Party (YPP) in the 2019 election said from $10.31billion at the end of June 2015, the total external debt increased to $32.85billion as at March 2021.
The Professor complained the total outstanding public debt stock increased by 173 percent in the same period, from N12.11trillion to N33.10trillion.
The economist regretted that in the real situation of the incompetence of the government since 2015, businesses have been groaning and FDI inflows have decreased.
Moghalu said instead of delivering economic growth, the economy has been twice in recession, and when out of it, growth has been underwhelming at 2 percent.
Moghalu urged the government to focus on increasing domestic revenue, by expanding the tax base – not by increasing rates as has been done with the value added tax (VAT) – and by introducing reforms for ease of paying taxes while abolishing multiple taxation.
