Tinubu vows not to plunge Nigeria into debt like Buhari, says he’ll stop overreliance on borrowing for public expenditure

They consist of those to Chinese financial institutions, including a Exim Bank of China $3.241billion; French institutions (Agence Francaise Development) $403.65milion; Japanese (Japan International Cooperation Agency) $76.69million; India (Exim Bank of India) $34.87million, and Germany (Kreditanstalt Fur Wiederaufbua) $192.71 million.

Commercial debt instrument debts totaling $11.16.35 billion, which account for about 35.48 per cent of the total debt, include Eurobonds $10,868.35bilion; Diaspora Bond $300million

Further details of the total N15.456 trillion Federal Government debts stock by instruments of as at the date under review showed that FGN Bonds of N11.241 trillion, or 72.75 per cent; Nigerian Treasury Bills N2.760trillion, or 17.86 per cent; Nigerian Treasury Bonds N100.988 bilion, or 0.65 per cent; FGN Savings Bond $12.984billion, or 0.08 per cent; FGN Sukuk N362.557billion, or 2.35 per cent, Green Bond N25.690billion, or 0.17 per cent, and Promissory Notes N951.740billion, or 6.16 per cent.

Details of the debts stock of the 36 states and the Federal Capital Territory stood at about N4.190 trillion, with Lagos N493.32 billion; Rivers N266.94 billion, Akwa Ibom N239.21billion and Delta N235.86 billion among the top debtors in the country.

Speaking on his commitment to generating revenue and stopping overreliance on borrowing, charged the committee to improve the country’s revenue profile and business environment.

He also directed all government ministries and departments to cooperate fully with the committee towards achieving their mandate.

President Tinubu, while stressing the significance of their assignment, informs the Committee that his administration carries the burden of expectations from citizens who want their government to make their lives better.

“We cannot blame the people for expecting much from us. To whom much is given, much is expected,” Tinubu said.

“It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people.”

Acknowledging the country’s current international standing in the area of tax, the President said the nation is still facing challenges in other sectors such as ease of tax payment and its Tax-to-GDP ratio, which lags behind even Africa’s Continental average.

“Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.

“Without revenue, government cannot provide adequate social services to the people it is entrusted to serve.

“The Committee is expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year,” the President directed.

Recounting the President’s sterling track record on revenue transformation, the Special Adviser to the President on Revenue, Zacchaeus Adedeji described the committee members, drawn from the public and private sectors, as accomplished individuals from various sectors.

Mr. President, you have the pedigree when it comes to revenue transformation. You demonstrated this when you were the Governor of Lagos State over 20 years ago,” the Special Adviser said.

Chairman of the Committee, Taiwo Oyedele, pledged the commitment of members to give their best in the interest of the nation.

“Many of our existing laws are out-dated, hence they require comprehensive updates to achieve full harmonisation to address the multiplicity of taxes, and to remove the burden on the poor and vulnerable while addressing the concerns of all investors, big and small,” Oyedele said.