Nigeria’s debt-to-Gross Domestic Product (GD) ratio crossed 50 percent for the first time ever last week while debt servicing is set to surpass the country’s revenue.
The Debt Management Office (DMO) published the country’s latest public debt figures recently.
According to the DMO, Nigeria now has a public debt portfolio of N121 trillion, consisting of domestic debt of N65.6 trillion and a foreign debt portfolio of $42.1 billion (N56 trillion).
With Nigeria’s external debt rising to around $45 billion amidst investors flocking out of the country, the Chief Executive of CFG Advisory, Tilewa Adebayo, stressed the urgent need for remedial legislation as well as an overhaul of the…
Source: Nigerian Tribune
