The Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Director General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, on Wednesday, differed on the nation’s debt-to-Gross Domestic Product ratio.
While Ahmed put the debt-to-GDP ratio at 29 per cent, Okojo-Iweala said it had risen to 35 percent.
Both the minister and the WTO boss spoke at the African Development Bank High Level Knowledge Event with the theme: ‘From Debt Resolution to Growth: The Road Ahead for Africa’ which was held virtually on Wednesday.
Ahmed also disclosed that Nigeria planned to borrow more money to fund its infrastructure capacity.
This is in spite of voices calling on the government to halt borrowing and concentrate on other means of raising funds for the infrastructure needs of the country.
According to the Debt Management Office, Nigeria’s total public debt portfolio rose from N12.12tn in June 2015 to N33.11tn as of March 31.
Written by: EaglesFM