An Abuja-based policy think tank, Agora Policy, has said Nigeria’s debt is unsustainable and puts the country in a perilous situation due to the high cost of debt servicing.
The group advised the government to deepen and diversify sources of revenue, re-calibrate expenditure to spend smartly, and invest efficiently.
He said, “Everything revolves around the economy and there is no better time than the electioneering period to do a health check on the economy and come up with ideas and prescriptions for better economic outcomes. He said, “The debt is huge. If you look at the budget, you will see that a huge sum of money is used to service debts. This is just the debt service charge. We are yet to talk about the principal.”
A financial analyst, Ade Oladayo, added, “Already we’re paying about N970bn to service our foreign debts, N2.2trn to service domestic debt and N1.2trn on CBN Ways and Means extension.
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