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IMF tasks Tinubu on revenue generation, debt reduction 

THE International Monetary Fund has urged the incoming government of President-elect, Sen. Bola Tinubu to take steps to increase the country’s revenue base.

The Resident Representative, IMF Nigeria Office, Ari Aisen, who said this during a virtual forum on the Nigerian debt situation, also advised the incoming government to drastically reduce dependence on debt to fund expenditures.

According to Aisen, to resolve the debt issues of Nigeria you need to concentrate on revenue and expenditure.

He said that the debt situation had deteriorated because the Federal Government was spending more than it was actually getting in revenues.

“How do you reduce the spending needs of the government? That should be the question.

“It is really about fiscal discipline. People should not permanently spend beyond what they generate in revenue because it becomes unsustainable.

“Eventually some people will come and ask for their money back and some will refuse to give further loans,” he said.

Aisen said that the critical thing to do was for countries to be able to rely more on their own revenue to finance their own expenditure.

“That is the autonomy and the Independence that we like to see our member countries rely on,” he said.

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