DMO has invalidated a news reported by some media houses that Nigeria has exceeded the World Bank and International Monetary Fund (IMF) debt to Gross Domestic Product (GDP) ratio.
Nigeria’s debt to GDP ratio is 52 percent and the ceiling for world bank/ IMF debt is 55 percent and not 40 percent has reported by news medias.
The Director-General of the DMO, Patience Oniha, enlightened this during an interview with the News Agency on Tuesday in Abuja.
Oniha said Nigeria’s debt-to- Gross Domestic Product (GDP) ratio is within the specifications of the World Bank and International Monetary Fund (IMF) for the country’s peer group.
She added that the recent policies by the Federal Government to focus more on revenue generation are the right steps that could reduce the country’s debt burden.
Improvement in revenue generation was crucial for the country to achieve accelerated socio-economic development and debt sustainability.
“We cannot discuss growth, development, or debt without giving due consideration to revenue.
” It is now imperative that we confront revenues and take decisive actions to further strengthen our revenue streams from all sources,“she said.
“Federal Government was urged to prioritise fiscal retrenchment while assuring that the various measures to attract foreign exchange inflows would increase external reserves and support the naira exchange rate.”
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