Dr Ernest Abegbe, an economist, has urged the federal government of President Bola Tinubu to immediately conduct a comprehensive forensic audit of Nigeria’s domestic and external debt portfolios. In a statement released to the Daily Post on Friday, Abegbe emphasized the urgency of this review to determine the precise amount of local and external obligations the country currently owes.
According to Abegbe, a forensic review is essential to establish the true status of Nigeria’s debt. He argued that such an exercise would create the necessary fiscal space for national development across the country, allowing the government to make informed financial decisions based on accurate data rather than estimates.
I called on the Federal Government to conduct a comprehensive forensic audit of Nigeria’s domestic and external debt portfolio. I advocate the cancellation of eligible debts, interest and penalty waivers, and strategic restructuring to create fiscal space for national development.
Abegbe further noted that Nigeria’s current debt management strategy must move beyond the simple publication of aggregate debt figures. He stated that a detailed audit would help ensure transparency regarding the total amount of debt secured by both the current administration and previous governments.
The economist disclosed that this audit would provide the foundational basis for the federal government to negotiate strategic debt forgiveness with relevant creditors. He specifically advocated for the cancellation of eligible obligations, along with interest and penalty waivers, as part of a broader restructuring effort.
By establishing a clear understanding of the debt landscape, Abegbe believes the administration can effectively pursue relief measures that support long-term economic stability and development in Nigeria.
<small>Source: Daily Post Nigeria — read the original story there.</small>
