Jan. 18, 2023

Nigeria’s debt trajectory is sustainable the country’s finance minister said on Wednesday, adding that it planned to bring its key debt service-to-revenue ratio down sharply this year and would not borrow on the international capital markets.

Nigeria’s government spent 80% of its revenue on debt servicing last year, a ratio that could rise to around 100%, the International Monetary Fund estimates.

The revelation was made known in a report titled ‘Davos 2023 Inequality Report’ unveiled during a press conference in Abuja by the Country Director, Oxfam in Nigeria, Dr Vincent Ahonsi, who was represented by the Deputy Programmes Director/Budget Business Development Manager, Regina Afiemo, along with Executive Director, Connected Development, CD, Hamza Lawal, Coordinator Climate Justice Project, Oxfam in Nigeria, Kenneth Akpan, and Project Coordinator, Fiscal Accountability for Inequality Reduction, Henry Ushie.This is a projected increase from the estimated 17 million people currently at risk of food insecurity.

Mahmood Yakubu, the chairman of Nigeria’s Independent Electoral Commission (INEC), on Tuesday, explained why Nigerians in the diaspora cannot vote in the upcoming February 2023 elections.

“Eighty percent is not sustainable and our plan is that it is coming down to 60% in 2023,” Zainab Ahmed said in a Bloomberg TV interview, adding that the country expected to produce 1.6 million barrels of oil a day this year.7 billion a day even as at least 1.

REUTERS