Minister of Information, Culture and Tourism, Alhaji Lai Mohammed has reassured Nigerians on the rising debt profile of the country, stating that there is no cause for alarm.
Naija News learnt that the Minister revealed this while briefing newsmen about President Muhammadu Buhari’s administration for the outgoing year
Mohammed said there were misrepresentations in the figures being pushed out in certain quarters about the debt profile, adding that the country had not reached its debt ceiling of 25 per cent in total public debt stock to Gross Domestic Product (GDP).
He said, “Recently, there have been concerns in certain circles about the country’s growing debt, both domestic and external. In the process, there have been some misrepresentations and scaremongering. “It is not appropriate to attribute the public debt stock to one administration.
“Nigeria’s total public debt stock in 2015 was $63.80 billion, comprising $10.31 billion of external debt and $53.49 billion domestic debt. By June 2019, the total debt stock was $83.883 billion, made up of $27.163 billion of external debt and $56.720 billion domestic debt. It is therefore not correct to say that Nigeria’s external debt alone is $81.274 billion.
“There is yet no cause for alarm. This is because Nigeria has a debt ceiling of 25 per cent in the total public debt stock to Gross Domestic Product (Debt/GDP), which it has operated within.
The Minister asserted that the Nigeria remained in the safe zone as the debt level had not exceeded the recommended ceiling mark.