President of the 9th Senate, Ahmed Lawan on Thursday underscored the urgent need for the federal government to improve on revenue generation in order to deal with the debt burden and improve the economy.
The Debt Management Office (DMO) in her latest release said the total public debt stock of Nigeria comprises domestic debt of N26.92 trillion and external debt of N17.5 trillion, totaling N44.6 trillion.
The World Bank, in its recent International Debt Report, IDR, also said Nigeria spent $9.6 billion to service foreign debts in 12 years, from 2010 to 2021, adding that the nation’s debt stock was not reflected in the economy.
Lawan, who delivered an address to mark the celebration of his birthday in Abuja on Thursday, said most of the infrastructural developments in the country were facilitated through loans.
The Senate President harped on the need for the government to ensure strategic ways of improving and sustaining revenue generation.
He also advised the federal government to undertake a review of waivers and concessions already granted to corporate entities.
Lawan said: “One other challenges is lack of sufficient revenues for government to undertake its numerous laudable and noble national development projects across the country.
