Zainab Ahmed, minister of finance, budget and national planning, says Nigeria plans to bring down its debt service-to-revenue ratio to 60 percent this year. Ahmed spoke on Wednesday during an
January 19, 2023 9:02 AM
Ahmed spoke on Wednesday during an interview with Bloomberg TV on the sidelines of the World Economic Forum in Davos.— a figure far above World Bank’s suggested 22.5 percent for low-income countries like Nigeria.Nigeria may spend almost 100 percent of its revenue on debt servicing by 2026.Speaking on the issue, Ahmed said Nigeria plans to cut its revenue spending on debt servicing to 60 percent in 2023, adding that the current ratio is not sustainable.
“So, once we pull the first subsidy out, production of crude oil increases and then we sustain the improvements we have put in place in terms of non-oil revenue, then we should be able to come down to 60 percent debt-to-revenue.”Asked if a lower debt service-to-revenue ratio will open up Nigeria’s bond markets, Ahmed said, “no, not 2023”.
Although Nigeria had “some problems” regarding oil production in 2023, Ahmed said production will surpass the projected 1.69 million barrels of oil per day in the 2023 budget.
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