Nigeria’s Debt-to-GDP Within World Bank/IMF Ceiling – DMO

Date:

July 9, 2024.

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Azonuchechi Chukwu.

The Debt Management Office (DMO), says Nigeria’s debt-to- Gross Domestic Product (GDP) ratio is within the specifications of the World Bank and International Monetary Fund (IMF) for the country’s peer group.

The Director-General of the DMO, Patience Oniha, said this in an interview with the News Agency on Tuesday in Abuja.

Oniha was reacting to some media reports that the debt-to-GDP ratio of 52 per cent exceeded the World Bank/IMF’s prudential ceiling for countries in Nigeria’s peer group

She explained that the prudential ceiling for such countries was 55 per cent, and not 40 per cent.

Oniha highlighted that improvement in revenue generation was crucial for the country to achieve accelerated socio-economic development and debt sustainability.

According to her, recent policies by the Federal Government to focus more on revenue generation are the right steps that could reduce the country’s debt burden.

“We cannot discuss growth, development, or debt without giving due consideration to revenue.

” It is now imperative that we confront revenues and take decisive actions to further strengthen our revenue streams from all sources,“she said.

She urged the Federal Government to prioritise fiscal retrenchment while assuring that the various measures to attract foreign exchange inflows would increase external reserves and support the naira exchange rate.

NAN reports that the DMO recently announced that the country’s total debt stock increased to N121.67 trillion in March, from N97.34 trillion in December 2023, indicating an increase of N24.33 trillion.

She said the increase was partly due to exchange rate fluctuations as well as securitisation of N4.90 trillion as part of the securitisation of the N7.3 trillion Ways and Means Advances approved by the National Assembly.

She, however, clarified that the total debt stock included the domestic and external debt stock of the 36 states and the Federal Capital Territory (FCT).(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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