Minister agrees with IMF on Nigeria’s debt weakness

The Minister of Budget and National Planning, Senator Udo Udoma, on Thursday agreed with the International Monetary Fund on Nigeria’s debt vulnerabilities and stated that it was an issue that should be adequately monitored.

Udoma, who spoke at the presentation of the IMF Regional Economic Outlook Report for Sub-Sahara Africa at the ongoing IMF/World Bank annual meetings in Bali, Indonesia, stated that Nigeria had realised that it had to improve its revenues in order to bring down the debt service to revenue ratio.

The IMF had warned Nigeria and other oil-exporting countries over rising foreign debts, saying there was a need to make external borrowing sustainable.

Addressing the issue of debt vulnerabilities while addressing an audience on Thursday, the minister agreed with the IMF that Nigeria’s debt vulnerability was an issue that required constant monitoring.