The Organised Private Sector (OPS), has challenged the Federal Government to give a proper account for over N35 trillion accumulated debt in the last 10 years. They argued that just over a decade after Nigeria got debt relief from the Paris Club, the nation was again, plunged neck-deep into another round. He noted that the consequences of the rising debt can be very devastating, especially as the percentage of the national budget used for servicing debt in the 2020 budget is a staggering 26.8 per cent, and capital expenditure at 22.2 per cent. He, therefore, urged the Federal Government to sell-off or concession its assets that are lying fallow and moribund, to stem the rising debt and conserve funds for developmental purposes. He called on the government to, without delay, resolve the issues in the power sector, fast-track infrastructural development, and cut wastages associated with the fraudulent petroleum subsidy regime.

Source: The Guardian July 23, 2020 03:11 UTC