The Debt Management Office, DMO has faulted a report recently released by the International Monetary Fund IMF on Nigeria which stated that higher debt service to government revenues pose risks to fiscal sustainability.
The report was faulted by the Director-General of DMO, Mrs Patience Oniha, over the weekend, according to the News Agency of Nigeria.
According to her, in an attempt to counter IMF’s position that Nigeria might spend over 92 per cent of its revenue on debt servicing in 2022, Oniha stated that the analysis does not acknowledge the improvements in infrastructure which have been achieved through borrowing by the government of President Buhari
Mrs Patience Oniha therefore said that the report did not consider the challenges experienced by Nigeria in recent times, adding that the country experienced some challenges at different times like two recessions, sharp drop in revenues and security challenges among others
The DMO boss emphasized that, the analyses does not acknowledge the improvements in infrastructure which have been achieved through borrowing, as well as, the strong measures by the Government to grow revenues.
Manwhile she said the FG has commenced implementing policies that boost revenue growth, citing Public Private Partnerships for infrastructure, which she says will improve Nigeria’s debt sustainability.
