IMF president Christine Largade
IMF president Christine Largade/Photo: AFP

The International Monetary Fund (IMF) has that Nigeria is servicing debts with over 50 percent of her revenue.

It also lamented how much the country and other Sub-Saharan nations spend in servicing debts.

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This came from the Senior Resident Representative and Mission Chief for Nigeria, African Department, Amine Mati on Thursday at the presentation of the Regional Economic Outlook for Sub-Saharan Africa – Capital Flows and the Future of Work in Abuja

Mati said, “Security issues are exacting a significant human toll in a number of countries. Debt to GDP ratio is increasing in the past five years.

“Public debt is diverting more resources towards debt servicing.

“The interest rate has gone up to where they used to be around the year 2000 before the debt relief.

“The adjustment has relied on spending compression rather than revenues mobilisation. Meeting the Sustainable Development Goals will require stronger growth and more financing.”

Mati added that “Policies are needed today to create more jobs in the coming years. Twenty million jobs are required every year in Sub-Saharan Africa to meet the SDGs. Job creation is complicated by uncertainty to which technology replaces labour.”