The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has emphasised the need for Nigeria to respect its fiscal limits to address its economic challenges.
Speaking on Day Two of the National Summit of Fiscal Responsibility Agencies in Abuja, Oyedele noted that Nigeria’s fiscal crisis is not only due to global factors but also local policy inconsistencies, mistakes and peculiar issues such as insecurity and poor project management.
He Nigerian need to prioritise fiscal governance, which requires coordinating policies within the Federal Government and across sub-national levels, with a focus on respecting fiscal limits and thresholds.
Oyedele highlighted the country’s small budget size, which is less than one-quarter of South Africa’s budget, and expressed concern about the country’s reliance on borrowing.
