Nigeria’s Current Debt Profile Is Among Lowest In The World, Says Osinbajo

The Vice-President of Nigeria, Yemi Osinbajo said that Nigeria’s current debt burden is one of the lowest in the world, in terms of economic ratio worldwide.

Osinbanjo said this on Monday while delivering a lecture titled ‘Nigeria Rising: The Path to Prosperity’ at the University of Lagos (UNILAG) 50th convocation.

According to him, inflation in Nigeria had stabilized at 11 percent over the past six months. He said:

“We restored medium-term planning with the Economic Recovery Growth Plan which served as a useful loadstone in improving macroeconomic performance, boosting the real sector of the economy and building infrastructure. The decline in growth, which started at the end of 2014, has been reversed, inflated has stabilized at about 11 per cent over the past six months and our current account was in the surplus around 1.3 per cent of the Gross Domestic Product last year.

“Our foreign reserves can cover at least six months of import of goods and services and despite understandable concerns, our debt burden is only about 22 per cent of the size of our economy, which is one of the lowest ratios in the world.

“We have very clear objectives. As you know, the problem of our country is not planning or designing of great projects, it is in the actual implementation. We are fortunate that Muhammadu Buhari is not an orator, he is a doer.”

He said the next four year would feature reforms in the aviation, and export and import sectors, just as the regulatory agencies would broaden into business facilitators.