Latest data from the International Monetary Fund has put Nigeria’s total debt at 34 percent of nominal Gross Domestic Product of $376 billion as at December 2017, while private debt accounts for 36.6 percent.
IMF says with tough financial conditions such as rising interest rates, plans to bring down the debt remains uncertain.
It also added that global debt has climbed an all-time high of $184 trillion an equivalent of 225 per cent of GDP two years ago.
IMF warns of excessive debt as data shows world’s debt now exceeds $86,000 in per capita terms, which is more than two and a half times the average income per-capita.
The decline in global debt ratio is due to heavily-indebted advanced
economies.
