Chartered Accountant and Financial Advisor, Dr. Oluwashola Ganiyu, has called for urgent measures to address revenue leakages and boost infrastructure investment, saying these are critical to tackling Nigeria’s economic challenges and driving sustainable growth.
Ganiyu made the call while speaking on The Conversation, an in-house programme on Lagos Television (LTV).
According to him, inflation is partly driven by a situation where “too much money is chasing too few goods,” stressing the need to increase production and strengthen the economy’s capacity to meet rising demand.
He also defended borrowing as an important tool for economic development, arguing that debt, when properly managed, can help governments and organisations finance large-scale growth.
“Debt is not bad. Debt is what enables a country or organisation to move forward. When it comes to capital structure, it is a combination of debt and equity,” he said.
Ganiyu noted that no organisation seeking to transform and grow on a large scale could achieve such objectives without accessing credit, adding that the focus should be on ensuring that borrowed funds are used productively.
He maintained that Nigeria’s debt-to-GDP ratio remains within a manageable range, but expressed concern over the country’s budget deficit-to-GDP ratio.
“Our debt-to-GDP ratio is fine. The challenge is the budget deficit-to-GDP ratio. We need to ensure that our budget deficit remains within the acceptable threshold,” he said.
The financial expert further raised concerns over Nigeria’s revenue performance, noting that revenue growth is significantly below expectations.
“Our revenue is supposed to grow at an average rate of 34%, but it is currently growing at just 7–10%. The key question is: where is the gap coming from?” he asked.
He urged the government to identify and close leakages in revenue collection, saying improved revenue generation would strengthen the country’s capacity to fund critical projects without excessive reliance on borrowing.
Ganiyu also advocated increased investment in infrastructure, noting that improved infrastructure would stimulate economic activities, create employment opportunities and contribute to higher Gross Domestic Product (GDP).
“We need to invest in infrastructure to create more employment opportunities and ultimately increase our GDP,” he added.
