• Thursday, July 18, 2024
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BusinessDay

No plans to restructure Nigeria’s debt – Minister

FG imposes 30% tariffs on wine, spirit, cigarette

Minister of Finance, Budget and National Planning, Zainab Ahmed has revealed that Nigeria has no plans to restructure its debt.

The minister disclosed this during the ministerial presentation of the 2023 budget held in Abuja on Wednesday.

“Nigeria is not planning on restructuring its debt as it remains committed to meeting its domestic and external debt obligations,” she said.

She explained that the total public debt as a percentage of GDP stood at 23.06 percent as of June 2022 which is below the 55 percent threshold recommended by the Bretton Woods institutions.

She added that said it is also below Nigeria’s self imposed limit of 40 percent hence it is still manageable seeing that some other African countries have debt burdens as high as 70 to 100 percent of GDP.

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She also said that the country has been very prudent in its borrowing .

It can be recalled that while addressing journalists at the recently held 2022 annual meeting of the International Monetary Fund and the World Bank, Ahmed said the government has plans to restructure its over N42 trillion debt (CBN ways and means), adding that consultants have already been appointed to facilitate the move.

Details later…