The Nation (Nigeria)

ABCON advocates reforms to curb govt spending, public debt

- By Chikodi Okereocha

THE Associatio­n of Bureaux De Change Operators of Nigeria (ABCON) has advocated reforms that will reduce government’s spending and also curb the rising trend in the nation’s public debt.

The associatio­n made the call at its Quarterly Economic Review for the second quarter of this year (Q2’21), noting that the vulnerabil­ities identified with the rising debt profile exposes the country to the risk of future high economic and developmen­t costs of having to deal with large debt overhangs.

Stressing the need for caution in decision making in government circles, ABCON said remarkable economic recovery is not certain and the rather unstable state of financial markets is indicating that the country could be on the verge of a major debt crisis.

On how to tackle the rising profile of the nation’s public debt, the associatio­n said: “There is, therefore, a serious need for the introducti­on of fiscal reforms that would scale down government spending and to consider restructur­ing the loan profile and especially properly examine the conditions tied to Chinese denominate­d debts.’’

Newspapers in English

Newspapers from Nigeria