The Senior Special Assistant to the President Muhammadu Buhari, on Niger Delta Affairs Senator Ita Enang, has said that Nigeria is adopting the best practices of sustainable loan debt management.
According to him, the repayment plan of the debt is tied to the projects for which the loan is taken.
As at December 2020, however the Debt Management Office (DMO), said the combined indebtedness that is the debt stock of both the federal government, State governments including the Federal Capital Territory (FCT) stood at N32.915 trillion.
The Chief Press Secretary to the Senior Special Assistant to the President, Niger Delta Affairs, Mr. Edet Ekpeyong, in a statement quoted his boss Senator Ita Enang as making the disclosure in a key address at the Chartered Institute of Taxation of Nigeria 2021 Fellow Conferment Ceremony on over the weekend in Lagos.
Speaking of the topic “Nigeria Adopting Best Practices in External Borrowing and Debt Sustainability” the Presidential Aide noted that “all the terms and conditions of the loan are laid before the National Assembly and approved in details before execution.
According to him,” this is to avoid the terms being approved by the National Assembly after the loan agreement must have been executed. Adding that “a number of project being and to be financed by the loans are either revenue generating or have the potentials to generate revenue”.
“Each year, when budgeting for debt servicing , debt audit by ways of details should be provided in the Finance Bill as to the project of which each of the loans to be paid was taken , status of same , and how much that project is generation to repay the contact” he added
Earlier, in her opening address, the 14t President/Chairman of Council. Dame Gladys Olajumoke Simplice said that “the institute has intensified engagement with relevant institutions on the need to place at the elms of affairs Tax Professionals at the Ministries, Agencies and Departments to enable them demonstrate their professional competence”.
According to her, “This would assist in realization of government’s goals and objectives, particularly in the area of revenue generation and cubing revenue leakages.”. She called on the conferees to project the image of the Institute and strive for excellence at all times.