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Business / Politics

Presidency: Nigeria adopting best practices on debt management

Presidency: Nigeria adopting best practices on debt management
Senator Ita Solomon Enang, senior special assistant to the president on national assembly matters (senate),

The Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang, has said that Nigeria is adopting the best practices of sustainable loan debt management as the repayment plan of the debt is tied to the projects for which the loan is taken.

Senator Ita Enang disclosed this while presenting the keynote address at the Chartered Institute of Taxation of Nigeria 2021 Fellow Conferment Ceremony recently 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, the status of same, and how much that project is generation to repay the contact,” he added.

Earlier, in her address, the 14th President/Chairman of Council, Dame Gladys Olajumoke Simplice said “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 to 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.

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