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 Economic Advisory Council, which was constituted by the President Muhammadu Buhari in September last year.
The Debt Management Office, DMO, had last month said the nation’s total public debt rose to twenty-two-point-two trillion naira as of September 2019, from twenty-five-point-seven trillion naira in the same period of 2018.
Rewane and other analysts said in their latest bi-monthly Economic and Business update that the country’s debt had grown by two-hundred-and-fourteen-point-nine-zero percent over the past six years, from eight-point-three-two trillion naira in June 2013 to twenty-six-point-two trillion naira as of September 2019.
According to the report, Nigeria is in need of infrastructure development to boost the economy, but a litany of constraints has prohibited it from attaining the necessary level of investment, despite its significant borrowing.