An economist, Dr Ernest Abegbe, has called on the federal government under the leadership of President Bola Tinubu to, without wasting more time, conduct a comprehensive forensic audit of both Nigeria’s domestic and external debts.
Abegbe, while speaking, also advocated for the cancellation of eligible debts, interest and penalty waivers for the country.
He noted that these are necessary to know the exact amount of the local and external debts the country is owing.
Abegbe made these declarations via a statement made available to DAILY POST on Friday.
In the statement, Abegbe noted that a forensic review of Nigeria’s debts will help to know the status of Nigeria as far as debts are concerned.
Abegbe also revealed that this will help to create fiscal space for national development across the country.
Abegbe explained that Nigeria’s debt management strategy must move beyond the publication of aggregate debt figures.
He added that this will help to ensure the total amount of debt secured by the current administration and the previous ones.
He also disclosed that the exercise would provide the necessary foundation for the current administration to negotiate strategic debt forgiveness or cancellation.
“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.
“The exercise would provide the necessary foundation for the Federal Government to negotiate strategic debt forgiveness, cancellation of eligible obligations, interest and penalty waivers, restructuring and other relief measures with relevant creditors.”