Some financial analysts have urged the federal government to increase its crude oil export and embrace more fiscal discipline as panacea to curb the country’s rising debt stock.
They said this in separate interviews in Lagos.
A lecturer of economics, Pan Atlantic University, Dr Austine Nwaeze, said the only way not to incur new debt was to raise the nation’ s crude oil exports.
“The federal government should do more in addressing the crude oil theft, to increase our production quota to the international market.
“This will enhance our fiscal revenue and adequately address the challenges associated with foreign exchange illiquidity in the economy,”Nwaeze said.
He noted that the government could harness the potencials in the agricultural sector to scale up the country’s revenues and reduce the need to be in new debt.
“More investment is needed, particularly, in various cash crop produce because of its immence moniotry value in the international market, which every region of our country have in commercial quantity waiting to be exploited for our common good,” he said.
In his view, the chief executive officer, Center for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the federal government should embrace more fiscal discipline measures to effectively manage the rising debt.
“All the tiers of government should reduce the cost ofgovernance and unnecessary expenditures in their budget, particularly in this era of petroleum subsidy removal to free funds for developmental purpose without seeking to borrow,” Yusuf said.
He noted that the federal government should seal all financial leakages in all revenue generating agencies of government.
“Automating the operations of revenue generating agencies and getting approvals before expending funds is imperative to stop all leakages.
“Then the government will be able to rake in more money to fix developmental issues without been in debt from borrowing,” Yusuf said.
Also, the chief executive officer, Ogu investment, Mr Moses Igbrude, said the federal government could check its debt, only when there was growth in productive sector of the economy.
“The federal government should adopt the right policy that will spur growth in domestic production and attract foreign investment.
“Then the government can generate revenues through taxes and service its debt obligation without too many economic hoddles,”Igbrude said.
He noted that the government should continue to enhance the business climate to ensure the country could be a hub for capital importation, owing to its prospects.
NAN reports that the Debt Management Office said Nigeria’s total public debt hit N87.38 trillion at the end of the second quarter.
The figure represents an increase of 75.29 per cent or N37.53 trillion compared to N49.85 trillion recorded at the end of March.
The DMO in a report said the debt includes the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria to the federal government.
