According To AfDB, Nigeria Needs Assistance To Reduce Its Debt Burden.

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Economic and financial experts have expressed grave concerns about Nigeria’s soaring debt load; which has posed a severe threat to the country’s economy as a result of the country using more than 90% of its earnings to service its debt.

Revenue problems are a further contributor to the nation’s debt load; as several ministries, departments, and agencies underremit revenues to the Consolidated Revenue Fund.

Due to unstable, unsustainable debt levels, some nations, particularly in Africa where the debt to GDP ratio has risen, are at risk of experiencing high debt distress.
The president of the AfDB emphasized the need for debt reduction in Nigeria and other African nations.

He added that in order to combat climate change, African nations—including Nigeria—need international cooperation.

Nairametrics.

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