The International Monetary Fund has drawn the attention of the incoming President, Bola Ahmad Tinubu on the need to increase the country’s revenue base. This was revealed by the Resident Representative of, IMF Nigerian Office, Ari Aisen during the Virtual forum on the Nigerian debt situation. He also advised the incoming administration to do whatever they can to reduce dependence on debt to fund expenditures, hence, the fastest way to resolve the country’s debt issues is to give more attention to how to improve revenue and expenditure.
Aisen said the cause of the deterioration of the country’s debt is simply because the Federal Government is spending more than it was actually getting from the revenues.
In his words, “How do you reduce the spending needs of the government? That should be the question.
“It is really about fiscal discipline. People should not permanently spend beyond what they generate in revenue because it becomes unsustainable.
“Eventually some people will come and ask for their money back and some will refuse to give further loans,” he said.
