Home News El-Rufai Raises Alarm On Nigeria’s Rising Debt

El-Rufai Raises Alarm On Nigeria’s Rising Debt

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Kaduna State Governor, Mr Nasir El-Rufai has joined other Nigerians who had expressed concern of Nigeria’s rising debt profile.

El-Rufai at a virtual event organized by the World Bank Nigeria asserted that the debt burden was getting out of hand and that the domestic debt ceiling was at it’s peak as far as the liquidity was concerned.

He further posited that there that there is no need to pretend that the country’s debt-to-Gross Domestic Product ratio was still low.

Njenje Media News has a copy of his transcribed words below;

 “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.”

Governor El-Rufaion tax collection asserted that a large majority rich Nigerians don’t pay income tax.

In his words;
 

“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.”

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