IMF warns Nigeria on rising debt service to revenue ratio

The International Monetary Fund (IMF) has cautioned the Federal Government to be mindful of the country’s rising debt service to revenue ratio and take steps to mitigate the situation.

IMF Senior Resident Representative in Nigeria Amine Mati issued the warning in Abuja at the public presentation of the Regional Economic outlook

Mati lamented that public debt was diverting more resources towards interests payments, and cautioned that though Nigeria’s debt to GDP was quite low, over 50 percent of the country’s revenue went into interest payments.

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