Debt: DMO Advocates Prudent Government Spending

The Debt Management Office has stressed the need for Nigeria to boost revenue and manage spending like Indonesia, which is also an oil-producing country.

The tweet read, “Indonesia, a fellow oil-producing country with a population size of 273 million people, is a prime example of how increased revenues and prudent spending can lower budget deficits and borrowings,” the DMO said in a tweet.

Data from the Budget Office of the federation shows that the total budget deficit under the former president, Muhammadu Buhari, was set to hit N47.43tn.

The DMO said Indonesia has been able to curtail its debt growth while targeting a budget surplus.

Punch/Hauwa Abu