x

Nigeria’s debt is getting out of control and we are getting to our debt ceiling – El-Rufai

Governor Nasir El-Rufai has raised an alarm over Nigeria’s debt which according to him is getting out of control.

The Kaduna state Governor who spoke at a virtual event organised by World Bank Nigeria, stated that the domestic debt was getting to its debt ceiling as far as liquidity was concerned and there’s no need to pretend that Nigeria’s debt-to-Gross Domestic Product ratio was still low.

He said;

“You can’t fund security more than you are doing now unless you reduce spending on other ministries, departments and agencies.

“The extensive way in which the Central Bank is into everything, I think, has to be addressed and dealt with. And we must look at our domestic debt management and do something about it.

“It is getting out of control and we are getting to our debt ceiling as far as liquidity is concerned. And to pretend that our debt-to-GDP ratio is still low, I think is not the answer to the question.”

Commenting on tax collection, El-Rufai alleged that most rich Nigerians don’t pay income tax.

He said;

“It is a travesty that in Nigeria, as at 2018, just about 20 people in the whole country paid more than N20m in income tax. It is a travesty and something should be done.

“I think that rich Nigerians don’t pay taxes. They live in huge houses, drive expensive cars but when you see their tax return, you realise that the civil servants on grade level 12 pay more income tax than they do.”

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Groups Back Tinubu’s Oil Sector Reforms, Caution Against Sponsored Protests‎

‎Says sector reforms will soon yield results‎‎Calls for an...

Peter Obi Declares 2027 Presidential Bid, Dismisses VP Speculations

Labour Party’s 2023 presidential candidate, Peter Obi, has confirmed...

BREAKING: Olubadan, Oba Olakulehin, Passes Away at 90 After One Year on Throne

The Olubadan of Ibadanland, Oba Owolabi Olakulehin, has passed...

Plateau Central Senator Diket Plang Loses Wife, Janet

By Israel Adamu, Jos Senator representing Plateau Central Senatorial District...

SGF position cannot stop North-Central from having National Chairman – APC Forum 

By Israel Adamu ,Jos  The North-Central All Progressives Congress (APC)...

KDSG commence free bus service for Civil Servants, Students

By Achadu Gabriel, Kaduna  The Kaduna Subsidized Transport Scheme (KSTS)...

NDDC Bolsters Bayelsa Communities with Essential Aid

Amgbare Ekaunkumo, Yenagoa  The Niger Delta Development Commission (NDDC) has...
spot_img

Related Articles

Popular Categories

spot_imgspot_img