Nigeria’s debt within comfortable limits, we don’t need relief: FG
The Nigerian government has said the country does not need to seek debt cancellation or restructuring as its debt position is within comfortable limits.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigeria also said Nigeria was not broke and could meet its debt obligation in the short, medium and long terms.
She spoke in Abuja on Thursday while presenting her ministry’s scorecard for the past seven years.
“We don’t have any need to restructure, our debt management strategy is being followed closely. We provide in our budgets, provision for debt service and it’s taken as first line charge. We haven’t defaulted on any loan – local and external.
“We have projections of meeting our debts obligation in the short and medium terms.
“We’re comfortable in terms of our ability to pay our debts. So, we’re not going for any debt relief and we’re not going for any debt restructuring,” the minister said.
President Muhammadu Buhari had at the United Nations (UN) General Assembly in September, sought debt cancellation for developing countries, which he said, were faced with a “debilitating chokehold on their fiscal space.”
According to data from the Debt Management Office (DMO), Nigeria’s total public debt stock was N42.84 trillion ($103.31 billion) as of June 30. The finance minister yesterday also noted that even though the federal government was not earning enough, its revenue position was improving with oil theft now reducing.
