Atiku Raises Alarm Over Nigeria’s Rising Debt Profile, Financial Crisis

Posted by African Examiner African News, Business News, Government Buz, Latest Headlines Tuesday, June 16th, 2020

(AFRICAN EXAMINER) – Former Vice President, Alhaji Atiku Abubakar, has lamented the increasing rate of Nigeria’s rising debt profile.

The former PDP presidential candidate stated this in a statement via his official Twitter page on Tuesday, stressing that Nigeria is in a financial crisis.

He stated: “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.

“This means that Nigeria’s debt to revenue ratio is now 99%.

“No one should be deceived. This is a crisis, and debt servicing doesn’t equate to debt repayment.

“I counselled that the FG ought to reduce Nigeria’s budget by at least 25%, to reflect the economic realities of the times that we live in.”