L
LequteMan
Guest
The International Monetary Fund, IMF, has raised alarm about Nigeria's debt profile and the negative effects its harsh economy will have on surrounding countries.
Catherine Pattillo, the Assistant Director and Head of Fiscal Policy and Surveillance Division of IMF expressed worry over Nigeria's debt profile. She said 45% of FG's depleted revenue is being used to service debts.
“The slump in oil production and slow growth have created challenges for Nigeria. But one statistic that is quite striking to me is that the debt profile is weakening and the interest account payment is more than 45 per cent of the Federal Government’s revenue," she said, adding that the priority is a big challenge.
Another thing FG should do is "to increase non-oil revenues and implement an independent price-setting mechanism that minimises fuel subsidy. So, these are two priorities, while also of course, improving public service delivery so that citizens can see the benefits of good governance and services financed by the government," she said.
"As you know, Nigeria is a very important economy in the African region and its success has positive spill over for the region, particularly in West Africa, and its challenges create difficulties for its neighbours.”
Catherine Pattillo, the Assistant Director and Head of Fiscal Policy and Surveillance Division of IMF expressed worry over Nigeria's debt profile. She said 45% of FG's depleted revenue is being used to service debts.
“The slump in oil production and slow growth have created challenges for Nigeria. But one statistic that is quite striking to me is that the debt profile is weakening and the interest account payment is more than 45 per cent of the Federal Government’s revenue," she said, adding that the priority is a big challenge.
Another thing FG should do is "to increase non-oil revenues and implement an independent price-setting mechanism that minimises fuel subsidy. So, these are two priorities, while also of course, improving public service delivery so that citizens can see the benefits of good governance and services financed by the government," she said.
"As you know, Nigeria is a very important economy in the African region and its success has positive spill over for the region, particularly in West Africa, and its challenges create difficulties for its neighbours.”
