The Director General of Debt Management Office (DMO), Patience Oniha has expressed the need for revenue generation at all tiers of government to curb the rising debt stock of the country.
Oniha stated this at the interactive session on the 2022-2024 Medium Term Expenditure/Fiscal Strategy Paper (MTEF/FSP) held by the National Assembly’s House Committee on Finance on Monday in Abuja.
In her contributions, the DG DMO, stated that successive low revenues in the budget have reflected in high levels of borrowing in the recent years. Expectedly, these borrowings have resulted in a high growth rate in the debt stock as well as debt service. She added that the trend is the same in the draft 2022-2024 MTEF.
Present at the session were the Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed; Director-General, Budget Office of the Federation, Ben Akabueze; Comptroller-General, Customs, Col. Hameed Ibrahim Ali (retd) and other top officials of the Central Bank of Nigeria (CBN).
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