(WATCH) Nnaemeka Obiaraeri Analyses Rising Debt Profile. "Is Nigeria Broke?" - Video

Nigeria’s debt profile worsened in the first quarter of this year as the country’s debt stock rose by N2.04trn to hit N41.60tn.
The Minister of Finance, Zainab Ahmed had said that government borrowings are done for capital project execution and that it has the ability to meet it’s obligations to creditors.

The President Muhammadu Buhari administration over the years has been under a series of attacks on the country’s rising debt levels but the government always claimed that the debt was within the stipulated ratio based on the country’s GDP.
However, the International Monetary Fund had last week warned that except the federal government put in place adequate measures to improve revenue generation, it’s entire earnings may be spent servicing debt by 2026.

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