ABUJA — The Debt Management Office (DMO) says the International Monetary Fund (IMF) report did not acknowledge improvements through borrowing.
This statement is a reaction to the IMF’s 2021 Article IV consultation report on Nigeria which was recently released.
According to the report, Nigeria may spend 92.6 percent of its revenue on debt servicing in 2022.
Agusto and Co, a credit rating agency, also forecasted that the figure will be around 90 percent.
In a statement posted on its official Facebook page on Saturday, the DMO condemned the report.
He noted that Nigeria’s debt and debt service levels may have grown over the years, the reports of the two bodies failed to consider the challenges experienced by the country in recent times.
“Even more, the analyses do not acknowledge the improvements in infrastructure which have been achieved through borrowing, as well as the strong measures by the Government to grow revenues,” a part of the statement read.
The debt management agency said the federal government is already implementing policies towards increasing revenue generation and developing infrastructure through public-private partnership arrangements.
The DMO noted that these two efforts of the government will improve debt sustainability.
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