The Civil Society Legislative Advocacy Centre (CISLAC) has expressed concern over the substantial allocation of Nigeria’s revenue that goes to debt servicing.
Executive Director CISLAC, Auwal Musa Rafsanjani gave the indication at a press briefing in Abuja.
He said as of December 2022, 80% of the Nigeria’s total revenue was dedicated to debt servicing, hence the decrease in funding of crucial sectors of the economy by the government.
Rafsanjani also x-rayed the decision of the Tinubu led government to allocate more funding to social services in the 2024 budget.
Other development partners also spoke on how to address the fiscal crisis and propose some strategic interventions.
Going forward, the group advised the federal government on the need to prioritize strategic policy reforms, enhance transparency and operate a responsible fiscal policy, in order to ensure sustainable growth and stability.