has said that countries like Nigeria can take advantage of rising commodity revenues to address some of its developmental needs and reduce debt.made this known on Wednesday in Washington DC, United States.
“In this respect, fiscal policy needs to help monetary policy, working together to ensure price stability,” he said. The IMF chief noted that there has been no improvement in the nation’s budget deficits because of the large energy subsidies, but also other issues with production of oil and other pressures on the budget.
The Nigerian government recently announced plans to borrow N8.80 trillion to finance its budget deficit in 2023 in a move that is yet again a breach of the Fiscal Responsibility Act.President Muhammadu Buhari made this disclosure while presenting the 2023 budget to the national assembly last Friday in Abuja. The president said the new borrowing will be 4.78% of estimated Gross Domestic Product ,higher than the 3 percent prescribed by the Fiscal Responsibility Act.
They have no such intention, but to increase the national debt astronomically before handing over.
Nigeria government no Sabi anything