AfDB president tasks Tinubu on inclusiveness, fairness, justice
Akinwumi Adesina, president of the African Development Bank, has urged President-elect Bola Tinubu to ensure inclusiveness, fairness, equity, and justice when he assumes office.
Mr Adesina, who spoke at a lecture in Abuja, said it was important for Mr Tinubu to rise above party lines and forge a compelling force to move the nation forward.
According to the AfDB boss, the election of a new president elicits hope, and Nigerians will be looking forward to tackling insecurity and ensuring peace and stability.
He equally said Nigerians would be looking forward to the president-elect drastically improving the economy and “sparking a new wave of prosperity”.
” The starting point must be macroeconomic and fiscal stability,” Mr Adesina said. “Unless the economy is revived and fiscal challenges addressed boldly, resources to develop will not be there.”
According to Mr Adesina, Nigeria currently faces huge fiscal deficits, estimated at six per cent of Gross Domestic Product (GDP).
“This has been due to huge federal and state government expenditures, lower receipts due to dwindling revenues from the export of crude oil, vandalism of pipelines and illegal bunkering of crude oil.”
He recounted that Nigeria spends 96 per cent of its revenue on service debts.
“This is with the debt-to-revenue ratio rising from 83.2 per cent in 2021 to 96.3 per cent by 2022,” he added.
Mr Adesina said some people would argue that the debt-to-GDP ratio at 34 per cent was low compared to other African countries.
He said the assertion was correct but added, “No one pays their debt using GDP.”
The AfDB boss said debt was paid using revenue, but unfortunately, Nigeria’s revenues had been declining.
Mr Adesina said Nigeria earned revenue to service debt and not to grow.
(NAN)
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