Monday, October 15, 2018

"Nigeria Still Has The Room To Borrow More Money From Foreign Countries"

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Nigeria's minister of budget and national planning,  senator Udo Udoma has said that Nigeria still has ample room to borrow more whenever it needs to do so.  

He explained that the country was not running any debt risk, adding that it had one of the lowest debt levels among its African peers.

 “Nigeria has a sustainable debt profile with ample room to borrow more whenever we may require doing so. Nigeria runs no debt risk and the Debt Management Office carries out an annual Debt Sustainability Analysis to ensure that we stay that way,” Udoma was quoted as saying in a statement by his Special Adviser on Media, Akpandem James.

Udoma stated this in Bali, Indonesia, at the just concluded annual meetings of the International Monetary Fund and the World Bank, adding that the implementation of the Economic Recovery and Growth Plan 2017-2020 was moving Nigeria’s economy in a positive direction.

He said actions taken since the inauguration of the plan in early 2017 had helped to build buffers and appropriate measures to safeguard the economy from external shocks.
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Author: verified_user

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