AfDB raises concerns over Nigeria’s 73% debt service to revenue ratio

4

By TERHEMBA DAKA, Abuja

The African Development Bank (AfDB) on Monday expressed worries over the country’s rising debt service-to-revenue ratio, currently put at 73 percent.

President of the bank, Akinwumi Adesina said, although Nigeria’s debt to the GDP remains moderate at 35 percent, the government must decisively tackle its debt challenges to grow the economy.

Akinwumi spoke at the opening of a two-day Mid-Term Ministerial Performance Review Retreat at the Presidential Villa, Abuja.

“Nigeria must decisively tackle its debt challenges. The debt service to revenue ratio of Nigeria is high at 73%,” Akinwumi said.

“Things will improve as oil prices recover, but the situation has revealed the vulnerability of Nigeria’s economy. To have economic resurgence, we need to fix the structure of the economy and address some fundamentals.”

Akinwunmi advised that for Nigeria to sustain its growth and economic resurgence, there is a need to remove all structural bottlenecks that limit productivity and revenue-earning potential of the huge non-oil sectors. (The Guardian)

4 thoughts on “AfDB raises concerns over Nigeria’s 73% debt service to revenue ratio

  1. 227553 418655This site is often a walk-through like the information you wanted in regards to this and didnt know who to question. Glimpse here, and you will definitely discover it. 879245

  2. 469729 271797Id should consult you here. Which is not some thing Its my job to do! I spend time reading an write-up that may get men and women to think. Also, numerous thanks for permitting me to comment! 412603

  3. 970421 490251Hi there, just became alert to your blog by way of Google, and found that its truly informative. Im gonna watch out for brussels. Ill be grateful in the event you continue this in future. Plenty of men and women will probably be benefited from your writing. Cheers! 514607

Leave a Reply

Your email address will not be published. Required fields are marked *