Guardian Newspaper: Nigeria’s debt stock rises to N25.7 trillion
Nigeria’s debt profile has increased in the last quarter from N24.95 trillion to N25.7 trillion as against N22.38 trillion from a year ago. The country’s internal debts stands at N17.38 trillion while the external debts stands at $23 billion with the World bank, China and Eurobond as the major creditors.
Meanwhile experts have warned that with the deficit plans of the ongoing 2019 budget, the country’s debt could escalate to N27 trillion before the end of the year and also the N2 trillion deficit in the proposed 2020 budget will be financed with further borrowing.
Punch Newspaper: Experts oppose IMF’s call for tax hike, say nigerians overtaxed
The international monetary fund (IMF) suggested that taxation in Nigeria be increased in order to help the federal government generate more funds for capital projects. The IMF made this suggestion after it revealed that the federal government spends at least N2 trillion annually servicing its debt obligation to both internal and external creditors.
However, the IMF also said Nigeria needs a total of $3o trillion in the next 30 years to address the nations infrastructure issues and they said this can be realized sooner if the tax revenue is increased as the country currently has one of the lowest in the world.
Sun Newspaper: Buhari slashes estacode on trips for ministers
President Buhari has cut down the estacode for ministers and top government officials in a bid to reduce of governance. The ministers and top government officials are now expected to submit travel plans for clearance in the first quarter of the fiscal year.