Buhari’s Minister Agrees With IMF On Nigeria’s Debt Weakness
Being in too much debt always leaves one weak. And that is the situation Nigeria has found itself.
The International Monetary Fund, IMF is reminding Nigeria and Buhari’s Minister of Budget and National Planning Senator Udo Udoma agrees with the institution that things aren’t looking good for the country because of the debt.
Udoma on Thursday agreed with the IMF, saying that Nigeria’s debt vulnerabilities were an issue that should be adequately monitored.
Udoma spoke at the presentation of the IMF Regional Economic Outlook Report for Sub-Sahara Africa at the ongoing IMF/World Bank annual meetings in Bali, Indonesia.
He said Nigeria has realised the need to improve its revenues to bring down the debt service to revenue ratio.
The IMF had warned Nigeria and other oil-exporting countries over rising foreign debts, saying there was a need to make external borrowing sustainable.
Udoma was quoted as saying in a statement by his Special Adviser on Media, Akpandem James, that “even though we in Nigeria have one of the lowest debt levels among our African peers, we realise that we need to improve our revenues to bring down our debt service to revenue ratio to more comfortable levels”.
To address the issue, Udoma explained that the Federal Government was intensifying efforts on domestic revenue mobilisation and maintaining fiscal discipline.
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