{"id":61979,"date":"2023-01-30T13:10:49","date_gmt":"2023-01-30T13:10:49","guid":{"rendered":"https:\/\/everyday.ng\/?p=61979"},"modified":"2023-01-30T13:10:49","modified_gmt":"2023-01-30T13:10:49","slug":"moodys-rating-how-ill-change-the-economic-direction-if-nigeria-for-the-better-atiku","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=61979","title":{"rendered":"Moody’s rating & how I’ll change the economic direction if Nigeria for the better – Atiku"},"content":{"rendered":"

By Atiku Abubakar<\/strong><\/p>\n

Late last week, Moody\u2019s Investors Service (The Moody\u2019s) sadly, but not unexpectedly, downgraded the Nigerian Government\u2019s Credit Rating from B3 to Caa1. This is a very significant downgrade.<\/p>\n

Moody\u2019s notes the FGN\u2019s deteriorating fiscal and debt position and its lack of capacity to respond to same; it notes the \u2018exacerbating policy trading-off\u2019 between debt servicing and the financing of critical sectors, including education, health, and other social programmes; it also notes the government\u2019s inability to curtail its addiction to deficit financing and its appetite for more funds from the Central Bank\u2019s Ways and Means.<\/p>\n

All three observations are a direct indictment of the country\u2019s political leadership for its failures in the management of our fiscal resources.\u00a0 The APC-led government lacks the critical competencies to initiate and implement innovative solutions to our problems and deliver on their mandate with the desired impact.<\/p>\n

If given the opportunity to lead the country, I will act differently and change the economic direction of Nigeria for the better. I will undertake far-reaching fiscal restructuring to improve liquidity and the management of our fiscal resources.<\/p>\n

Among others,\u00a0 I will undertake an immediate review of government spending with a view to eliminating all leakages arising from subsidy payments.<\/p>\n

Second, I will stop all fiscal support to ailing and under-performing State-Owned enterprises.<\/p>\n

Third, I will take steps to improve spending efficiency by gradual reduction of government recurrent expenditures.<\/p>\n

Fourth,\u00a0 I will undertake a review of government procurement processes to ensure value-for-money and eliminate all leakages.<\/p>\n

Finally, I will focus on non-debt financing by promoting a private sector-led Infrastructure Development Fund for the financing and delivery of key infrastructure projects.<\/p>\n

\u25aa\ufe0e Abubakar is the presidential candidate of the Peoples Democratic Party and former Vice President of Nigeria, 1999-2007<\/p>\n","protected":false},"excerpt":{"rendered":"

By Atiku Abubakar Late last week, Moody\u2019s Investors Service (The Moody\u2019s) sadly, but not unexpectedly, downgraded the Nigerian Government\u2019s Credit Rating from B3 to Caa1. This is a very significant downgrade. Moody\u2019s notes the FGN\u2019s deteriorating fiscal and debt position and its lack of capacity to respond to same; it notes the \u2018exacerbating policy trading-off\u2019 […]<\/p>\n","protected":false},"author":7,"featured_media":56391,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[55,1127,5500],"class_list":["post-61979","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","tag-atiku","tag-economy","tag-moody"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/61979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61979"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/61979\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}