The Civil Society Legislative Advocacy Centre (CISLAC) has warned that Nigeria may go bankrupt due to its piling debts. The Director, Auwal Rafsanjani
The Civil Society Legislative Advocacy Centre has warned that Nigeria may go bankrupt due to its piling debts.
The activist called for the activation of relevant provisions in the Fiscal Responsibility Act to limit the public debt stock.Domestic debt stood at $63.24billion, while external debt stock was about $40.06billion. Rafsanjani noted that this results in a N10trillion fiscal deficit, representing 4.78% of the GDP, which is above the 3% set by the Fiscal Responsibility Act 2007.
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