Zainab Ahmed, Minister Of Finance
Zainab Ahmed, Minister Of Finance

The Federal Government has said that Nigeria is not in any way near a debt crisis despite its 24.39 trillion naira debts.

Finance Minister Zainab Ahmed, who made this known at the sidelines of the just-concluded International Monetary Fund/World Bank Spring Meetings in Washington D.C, explained that despite warnings by the multilateral institutions, the country was not in any way near a debt crisis.

The debt figure, which, as at December 31st, 2018, comprised Eurobond loans, facilities from the World Bank Group, China and Africa Development Bank Group constitute over 80 per cent of the total debt stock.

It represents a year-on-year growth of 12.25 per cent and is higher than the 2017 figure by 2.662 billion naira. The International Monetary Fund IMF had during the Spring Meetings, warned Nigeria and other emerging market countries taking excessive loans from China to consider the terms of such facilities, especially, their compliance to the Paris Club arrangements.