Nigeria's N25.7 trillion Debt Is Not Our Problem - Minister Of Finance - SephoraNews- Nigeria Entertainment Blog SephoraNews- Nigeria Entertainment Blog: Nigeria's N25.7 trillion Debt Is Not Our Problem - Minister Of Finance


Thursday, 24 October 2019

Nigeria's N25.7 trillion Debt Is Not Our Problem - Minister Of Finance

Nigerian total public debt has risen by N3.32trn in just 12 months, making a total of N25.7trn as at June 2019, this information was disclosed by the Debt Management Office and reacting to this statistics, the Minister of Finance, Zainab Ahmed has stated that the country is not really soaked in debt crisis as imagined by many.
Nigerian total public debt has risen by N3.32trn in just 12 months, making a total of N25.7trn as at June 2019, this information was disclosed by the Debt Management Office and reacting to this statistics, the Minister of Finance, Zainab Ahmed has stated that the country is not really soaked in debt crisis as imagined by many.


Addressing those in attendance at a public hearing on the budget set up by the National Assembly on Wednesday 23rd October, Ahmed said the country's debt is still in a reasonable range. Insisting that the debt is not a problem but revenue problem is what we are facing.

Nigeria does not have a debt crisis”, she said.

“Our total borrowing today is just under 20% of our GDP while the multilateral institutions project for an economy our size to borrow up to 50-55% of our GDP. .
 "What we have is a revenue problem. Our revenue performance by half year is 58 per cent. So, we have designed this Strategic Revenue Growth Initiative early this year, which has three thematic areas.There is also the need for us to ensure that we have the right legal enablers and other enablers that will enhance revenue performance.Nigeria as a country must mobilise significant domestic resources to be able to make necessary investment in human capital as well as in physical infrastructure.



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