Index to Nigerian Newspapers

The Federal Government is exploring new measures to raise revenue through tax reforms, but there are concerns that no amount of tax revenue will be enough to finance the magnitude of fiscal indiscipline by the executives. Debt has become the default option for the government in addressing gaps in its financing, raising concerns about repayment capacity and abuse by the executive. Nigeria's total debt stock rose from N32.9 trillion as of December 2020 to N39.6 trillion in November 2021. Despite higher revenue from rising oil prices, production challenges have put the country on the edge, with production averaging 1.3 million barrels per day. With over N7 trillion in fiscal deficit, the country may be heading towards double-digit deficit financing in the 2022 financial year. The Senate has developed a strategy to engage with revenue-generating agencies on how to make them achieve their targets and generate more revenues in 2022 to narrow the margins. The 2022 Budget is predicated on significant borrowing, making the country caught between the devil and the deep blue sea. To fund infrastructure, the country has to borrow and resort to other sources of funding. To improve on the revenue to GDP ratio, the country needs to generate more revenues.