The Federal government has said that the country’s debt which currently stands at about twenty four point three trillion naira is still within sustainable limit.
The Minister of Finance Zainab Ahmed in a statement said that the country’s debt, which is about nineteen per cent to the Gross Domestic Product, GDP was still low compared to Ghana, Brazil, South Africa, Egypt and Angola.
She maintained that there was no plan to remove fuel subsidy as being speculated.
Zainab said that the current subsidy arrangement which was in the form of under recovery by the Nigerian National Petroleum Corporation, NNPC was far better than what was obtainable when oil marketers were paid directly for fuel subsidy.
She added that NNPC is the sole importer of petroleum products, and so when they import it is the cost of business and they deduct that cost before they remit the little money to the federation account.
