Institute Tasks CBN On Tackling Inflation - Latest News
To her, “Situations and what work for us as a country should be looked into because the general belief is that when you increase interest rates, it will incentivise savings, make people borrow less, and perhaps reduce spending so that inflation can be reduced.
Ekundayo also stressed the high debt profile of the country, which she believes is an issue. Recently, the Debt Management Office of Nigeria revealed that the country’s debt service to revenue ratio in 2023 is about 73.5 per cent, which is clearly above the 50 per cent threshold. “I think the time for the government to start looking outside and beyond oil revenue is now. We need to diversify, and we cannot overemphasise that. So we are advocating that, in a bid to reduce the huge debt burden, the government should diversify its revenue generation potential.
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