Nigeria’s Rising Debt, A Major Concern – NESG, FDC - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
February 3, 2020
The Nigerian Economic Summit Group, NESG and the Financial Derivatives Company Limited, FDC, led by a foremost economist, Bismarck Rewane has raised worries over the country’s high debt level.
Rewane, is a member of the EconomicAdvisory Council, which was constituted by the President Muhammadu Buhari inSeptember last year.
The Debt Management Office, DMO, hadlast month said the nation’s total public debt rose to twenty-two-point-twotrillion naira as of September 2019, from twenty-five-point-seven trillionnaira in the same period of 2018.
Rewane and other analysts said intheir latest bi-monthly Economic and Business update that the country’s debthad grown by two-hundred-and-fourteen-point-nine-zero percent over the past sixyears, from eight-point-three-two trillion naira in June 2013 totwenty-six-point-two trillion naira as of September 2019.
According to the report, Nigeria isin need of infrastructure development to boost the economy, but a litany ofconstraints has prohibited it from attaining the necessary level of investment,despite its significant borrowing.