The Action Aid Nigeria (AAN) has called for an urgent amendment of the 2021 Finance Act, which introduced an omnibus term called ‘national interest’ to justify excessive borrowing.
The AAN Country Director, Mr Andrew Mamedu, made the call in Abuja at a technical roundtable, themed, ‘Exploring the Economic Outlook of Nigeria’ organised by AAN, Centre for Social Justice (CSJ), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Manufacturers Association of Nigeria (MAN) and the Abuja Chamber of Commerce, and Industry (ACCI).
He said there is the need for a redefinition of the purpose of incurring debts by all tiers of government.
“Debts should contribute to value chain development, improve the macroeconomic framework, develop infrastructure, and build strategic human capital,” Mamedu said.
He said that experts must find possible policy alternatives and strategies that could spur needed economic cum fiscal reforms, targeted at quick recovery and accelerated growth.
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