The Nigerian government has said the country’s debt profile is sustainable, hence there is no reason for worry.
Udoma Udo Udoma, Minister of Budget and National Planning, stated this at the end of the Federal Executive Council (FEC) meeting on Wednesday.
In its report on ‘Nigerian Domestic and Foreign Debt Data’, the National Bureau of Statistics (NBS) said Nigeria’s foreign debt stood at $25.27billion as at December 31, 2018.
However, speaking with State House correspondents, Udoma said: “Our debts are sustainable. We do have a revenue challenge and we are focusing on that. Once the revenues come up, it will be obvious that we don’t have a debt problem at all.”
He said the Nigerian government is working on a number of initiatives to increase the country’s revenues.
“We are looking at initiatives to widen the tax pays. We are looking at initiatives to increase efficiency in collections. We are looking at a single window, which will help to increase efficiency, customs collections.
We are looking at many different ways to improve revenue,” the minister said.