Why Nigeria in revenue crisis, huge debt — Adedeji
* Says FG spending 96% of revenue on debt servicing unsustainable THE new chairman of the Federal Inland Revenue Service, FIRS, Dr. Zacch Adedeji, has explained the reason Nigeria is in a revenue crisis and requires urgent steps to change the narrative. Adedeji, who stated this while taking over the mantle of leadership of the agency from his predecesor, Muhammad Nami, noted that about 96 per cent of Federal Government revenue was spent on debt servicing last year, stressing that the situation is not sustainable. This is even as the former chairman of the revenue agency, Nami, said the FIRS generated N8.5 trillion revenue into the federation account as at mid-September. Recall that one of the main reasons government removed subsidy from petrol is inadequate revenue to run the affairs of the country. Adedeji said: “We are in revenue crisis, government revenue is low amid a huge public debt. Last year, 96 per cent of government revenue went into debt servicing. “Wh...