PRESIDENT TINUBU MAKES A PROMISE TO REMOVE NIGERIA’S EXCESSIVE RELIANCE ON BORROWINGS.

Nigeria’s over-reliance on borrowing to fund public spending will end, according to President Bola Tinubu.

The president stated: “The consequences of the ongoing failure of our tax regime are real and significant” on Tuesday, August 8 during the inauguration of the presidential committee on fiscal policy and tax changes.

The government’s incapacity to effectively generate money has directly contributed to an overreliance on borrowing to support public spending.

A government that is unable to adequately fund itself will also be unable to manage the economy or react to outside shocks with the necessary flexibility or fiscal space.

Instead, an ever-increasing amount of the government’s already meager income start to go toward debt repayment.

This provides absolutely little room for socioeconomic development and locks the economy in a loop of borrowing just to pay off previous debt. I’m determined to put an end to this cycle as president.