Meanwhile, with Nigeria’s revenue not covering its debt servicing obligations in the first four months of the year, the International
Monetary Fund, IMF, has urged the country and other Sub-Saharan African countries currently experiencing high external debt to take proactive measures to enable them escape debt default.

Retaining Nigeria’s growth projections at 3.4 per cent for this year, the Brentwoods institution said there is need for countries such as Nigeria with high debt levels to as a matter of urgency take proactive measures to restructure their debts to evade default.

Citing the urgency, IMF explained that a proactive approach is advised for governments with fiscal weaknesses.