The Minister of Budget and National Planning, Udo Udoma, has declared that Nigeria was not running any debt risk, adding that the country has sufficient room to borrow more.
In a statement by his Special Adviser on Media, Akpandem James, the Minister added that Nigeria had one of the lowest debt levels among its African peers.
He said: “Nigeria has a sustainable debt profile with ample room to borrow more whenever we may require doing so.
“Nigeria runs no debt risk and the Debt Management Office carries out an annual Debt Sustainability Analysis to ensure that we stay that way.”
Udoma explained that the implementation of the Economic Recovery and Growth Plan 2017-2020 was moving Nigeria’s economy in a positive direction.
He stated: “We have been able to bring down inflation from 18.7 percent in January last year to 11.2 percent by August this year. Our aim is to bring inflation down to a single digit by the end of the plan period in 2020.
“The exchange rate market has been stabilized through the introduction of the investors and importers’ foreign exchange window. We have also been able to build up our external reserves from $27bn in 2016 to $43.9bn by early this month.”