The trajectory of Nigeria’s debt is manageable. The nation planned to significantly lower its key debt service-to-revenue ratio this year and would not borrow on the global capital markets, the country’s finance minister said.
According to the International Monetary Fund, Nigeria’s government spent 80% of its revenue on debt servicing last year. This percentage may eventually reach 100%.
In a Bloomberg TV interview, Zainab Ahmed stated, “Eighty percent is not sustainable, and our plan is that it is coming down to 60% in 2023.” She also stated that the nation anticipated producing 1.6 million barrels of oil per day this year.