Alhaji Atiku Abubakar, A Former Vice President, has raised an alarm over Nigeria’s rising debt profile.
Atiku, in his report on Tuesday, said that Nigeria is in a financial crisis.
According to him, Nigeria’s debt to Revenue Ratio was now 99%, adding that the Federal Government (FG) must reduce Nigeria’s budget by at least 25%, to reflect the economic realities of the times.
He noted that the federal government must desist from indiscriminate lending, and offered suggestions on ways to both increase revenue and reduce expenditure.
The statement says: “Nothing has shocked me in my entire life in public service as the revelation from Nigeria’s First Quarter 2020 financial reports in the Medium Term Expenditure Framework and Fiscal Strategy from the Federal Ministry of Finance, Budget, and National Planning, which shows, alarmingly.
“Nigeria spent a total sum of ₦943.12 billion in debt servicing and the Federal Government’s retained revenue for the same period was only ₦950.56 billion.
“No one should be deceived. This’s a crisis, and debt servicing doesn’t equate to debt repayment’’.
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