NIGERIA’S DEBT-TO- GROSS DOMESTIC PRODUCT (GDP) RATIO SAYS DEBT MANAGEMENT OFFICE

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.

Director-General of the DMO, Patience Oniha, said this in an interview with newsmen on Tuesday in Abuja while 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 while also highlighting that improvement in revenue generation is 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.

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