Nigeria's debt is getting out of control and we have gotten to our debt limit - Governor Nasir El-Rufai

Governor Nasir El-Rufai has raised an alarm over Nigeria’s debt which consistent with him is getting out of control.

The Kaduna state Governor who spoke at a virtual event organised by world bank Nigeria, stated that the domestic debt was getting to its debt limit as far as liquidity was concerned and there is no need to pretend that Nigeria’s debt-to-Gross Domestic Product ratio was still low.

He said; 

You can’t fund security more than you are doing now unless you reduce spending on other ministries, departments and agencies.

The extensive way during which the financial institution is into everything, I think, has to be addressed and addressed . and that we must check out our domestic debt management and do something about it. 

It is getting out of control and that we are getting to our debt limit as far as liquidity is concerned. And to pretend that our debt-to-GDP ratio remains low, i feel isn't the solution to the question.

Commenting on tax collection, El-Rufai alleged that most rich Nigerians don't pay tax .

He said; 

It may be a travesty that in Nigeria, as at 2018, almost 20 people within the whole country paid more than N20m in tax . it's a travesty and something should be done.

I think that rich Nigerians don’t pay taxes. They sleep in huge houses, drive expensive cars but once you see their income tax return , you realise that the civil servants on grade level 12 pay more tax than they do.

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