N24.39TR Loan: Federal Government Says Nigeria Not In Debt Crisis - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 2
April 22, 2019
The Federal Government has said that Nigeria is not in any waynear a debt crisis despite its 24.39 trillion naira debts.
Finance Minister Zainab Ahmed, who made this known at thesidelines of the just-concluded International Monetary Fund/World Bank SpringMeetings in Washington D.C, explained that despite warnings by the multilateralinstitutions, the country was not in any way near a debt crisis.
The debt figure, which, as at December 31, 2018,comprised Eurobond loans, facilities from the World Bank Group, China andAfrica Development Bank Group constitute over 80 per cent of the total debtstock.
It represents a year-on-year growth of 12.25 per cent and ishigher than the 2017 figure by 2.662 billion naira.TheInternational Monetary Fund IMF had during the Spring Meetings, warned Nigeriaand other emerging market countries taking excessive loans from China toconsider the terms of such facilities, especially, their compliance to theParis Club arrangements.