The
International Monetary Fund IMF has come out again to warn Nigeria and two
other African Nations over rising public debt stock, and projected that a
whopping 60 per cent of these Countries’ revenue may be used up for debt
service with only a paltry 40 per cent to contend with running of Government
and service delivery.
While
Nigeria’s public debt as at the end of September this year was put at N20
trillion, according to data by the Debt Management Office DMO, details of the
other two nations, Angola and Garbon could not be ascertained at press time.
On the
flip side however, the IMF commended the Central Bank of Nigeria CBN for sucking
the foreign exchange pressure in Nigeria noting that though debt stocks have
risen throughout the region, but that exchange rates pressures have eased in
many countries, citing the case of Nigeria as a practical model.
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