Buhari’s Minister Insists Nigeria Has Room For More Debts
Forget all the talk about Nigeria’s debt being too high.
As a matter of fact, Nigeria still has ample room to borrow more whenever it needs to do so.
And that is according to the Minister of Budget and National Planning, Senator Udo Udoma.
He explained that the country was not running any debt risk, adding that it had one of the lowest debt levels among its African peers.
“Nigeria has a sustainable debt profile with ample room to borrow more whenever we may require doing so. Nigeria runs no debt risk and the Debt Management Office carries out an annual Debt Sustainability Analysis to ensure that we stay that way,” Udoma was quoted as saying in a statement by his Special Adviser on Media, Akpandem James.
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Udoma stated this in Bali, Indonesia, at the just concluded annual meetings of the International Monetary Fund and the World Bank, adding that the implementation of the Economic Recovery and Growth Plan 2017-2020 was moving Nigeria’s economy in a positive direction.
He said actions taken since the inauguration of the plan in early 2017 had helped to build buffers and appropriate measures to safeguard the economy from external shocks.
“Our current account, as a ratio of Gross Domestic Product, has moved from a deficit of 3.2% in 2015 to a surplus of 2.8% by end of last year.
“And this is built on export growth, including significant growth in non-oil exports that has resulted in the country recording a consistently positive trade balance since the fourth quarter of 2016.”
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