fbpx
Uncategorized

Nigeria’s debt profile is low at 19% compare to other countries – FG

Nigeria’s debt profile has been said to still remain low at 19 percent to Gross Domestic Product (GDP) when compared to other countries, such as, Ghana, Brazil, South Africa, Egypt, and Angola among others, this was confirmed by the federal government in spite of the growing apprehension over the nation’s mounting debt profile,

The Minister of Finance, Mrs. Zainab Ahmed, who stated this against the backdrop of reports surrounding the purported removal of fuel subsidy, said that, at 19 percent to GDP, the borrowing is below the threshold permitted by the Fiscal Responsibility Act.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

In a statement issued by her media aide, Paul Ella Abechi, the minister said: “In the borrowing, we are still at 19 per cent to GDP. Our borrowing is still low. What is allowed by our Fiscal Responsibility Act is the maximum of 25 per cent of our GDP, compared to other countries like Ghana, Egypt, South Africa, Angola and Brazil. We are the lowest in terms of borrowing”.

According to THISDAY reports, however, the minister noted that the challenge facing the country was that of revenue generation. “What we have is revenue problem and when revenues perform the aggregate rate of 55 per cent. it hinders the ability to operate in our budget, It hinders our ability to service all categories of expenditures including salaries, allowances, capitals as well as debts,” she said.

Her ministry, she stated, is not resting on its oars with regards to boosting the nation’s revenue, the reports said

“So what we are doing at the Ministry of Finance is concentrating and enhancing our revenue and collection capacities”, she stated.

On subsidy removal, the reports said that the minister maintained thus; “there was no such plan, it was just an advice by the International Monetary Fund (IMF) at the just-concluded Spring Meetings in Washington DC, United States of America”.

According to her, unlike the previous regimes where subsidy was paid to marketers, this time around, “NNPC is the sole importer of petroleum products,” the reports said.

“And so, when they import, it is the cost of business and they deduct that cost before they remit the little money to the federation account. So that is completely different. It is more cost effective. It is cheaper and what is being done now is easier to monitor what transpired, ” the minister said.

The minister assured that there is no intention to remove subsidy as reported in some sections of the media, adding that the government is yet to come up with any plan in that direction.

“We are not there yet and we discuss this periodically under the Economic Management Team, but we have not found a formula that works for Nigeria and you know Nigerianis unique because what works in Ghana may not work in here. “So it is still work in progress and so there is no intention to remove fuel subsidy at this time”, she assured.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

 

👇👇👇👇👇

Information is Power!

Don’t miss any valuable information or opportunity that can change your life, business, and family positively and permanently.

👇👇👇👇👇

Click here to subscribe!

For Latest updates on News, Scholarships, Jobs & Business Ideas, and Other Opportunities.

👍Advertise your business on InfoGuideNigeria.com!

From just N9,999 per month, you can advertise your products and services to over 1,500,000 monthly users on our website. Click here to read more.

 

 

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).

.


The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.

.
We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

🤑 Start Making Money from home today!

👉 Get the correct FREE FOOTBALL PREDICTION TIPS and Guides today. Click here

.

🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.

👉 Make Money as InfoGuideNigeria Advertising Agents, read more here

.

Related Articles

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker