The Debt Management Office (DMO) said that there was an urgent need for the Federal Government to formulate an economic blueprint or road-map for the medium term.
DMO made the observation in its 2016 Debt Sustainability Analysis (DSA) report released in Lagos southwest Nigeria.
According to the DMO, the formulation of a blueprint will engender confidence in both local and international investors on the way forward.
The blueprint has become imperative since the investor perception of country’s outlook is critical to economic recovery.
The report hailed the ongoing reforms by the present administration, adding that it would foster the needed inclusive economic growth and development.
In view of the fall in Federal Government’s revenue, the government should reinforce its initiatives aimed at diversifying the productive base of the economy, thus improving the non-oil revenue receipt, it stated.
The DMO said that concrete and urgent steps be taken to broaden the nation’s tax base and improve efficiency in tax administration and collection.
The report said given the country’s huge infrastructure needs, the government should sustain the policy of allocating a minimum of 30 per cent of its budget to capital investments.
It said that judicious utilisation of such funds was necessary for infrastructure development.
It urged the government to ensure the strict adherence to the annual national budget calendar to facilitate growth recovery and reduce fiscal slippages and delays in budget implementation.
The report noted that the passage of the Petroleum Industry Bill (PIB) by the National Assembly was long overdue and should be given speedy attention.
“ Its passage is expected to liberalise the oil and gas sector, and thus, attract more investments into the sector, which will have positive multiplier effect on the economy,’’ the report said.