In a recent statement addressed to journalists, Jimoh Ibrahim, the distinguished senator representing Ondo South senatorial constituency, expressed a perspective on Nigeria’s N77 trillion debt that diverges from alarm. A prominent figure in the business world, Ibrahim advocated for a measured approach to addressing this financial challenge.
Emphasizing the importance of a strategic response, Ibrahim suggested the creation of a dedicated Ministry of Revenue within President Bola Ahmed Tinubu’s administration, to be overseen by the national treasurer. The intent behind this proposal is to establish a structured approach to managing and enhancing the nation’s revenue streams.
Ibrahim’s remarks coincide with the ongoing confirmation process for 48 ministerial nominees put forth by President Tinubu to the Senate.
He elaborated on his viewpoint, stating, “While the nation’s debt has reached N77 trillion, it should not be an immediate cause for concern, particularly when considering the current debt-to-Gross Domestic Product (GDP) ratio of less than 31 percent. Innovative strategies are necessary to address this challenge and manage it effectively.”
This perspective arrives in the wake of a June announcement by the Debt Management Office, revealing that Nigeria’s total debt stock had reached N49.85 trillion, excluding N22.719 trillion in securitized Ways and Means loans extended by the Central Bank of Nigeria.
Ibrahim’s insight underscores the importance of adopting well-calibrated measures and innovative approaches to address the nation’s debt situation while maintaining a balanced economic outlook.