The Presidency has sought to calm concerns over Nigeria’s debt profile, insisting that the nation’s borrowings are on a downward trend.
Presidential aide on economic matters, Tope Fasua, explained that states have been able to pay down about 42 percent of their debts between 2023 and 2024. He compared national debt management to running a conglomerate, stressing that countries often borrow while simultaneously servicing and paying down existing obligations in order to remain productive and competitive globally.
Fasua stated that the current drop in the inflation rate has reduced the prices of food items at the market, assuring Nigeria’s inflation rate will reduce to a single digit.
Presidency Insists Meanwhile, he noted that the current administration’s approach has positioned Nigeria more favourably than in past years, when the country’s revenues were almost entirely consumed by debt repayments.
The Presidency, however, acknowledged that borrowing decisions should continue to be scrutinised in terms of interest rates, sources of loans, and how effectively borrowed funds are deployed, welcoming constructive criticism to further improve Nigeria’s debt management strategy.
