Presidency slams Atiku over ‘fiscal recklessness’ debt claims
” The presidency argued that borrowing should be judged by debt capacity and the use of funds, saying Nigeria’s debt-to-GDP ratio remains around 40 percent and debt service to revenue has fallen to below 60 percent from nearly 100 percent in December 2022.
The Presidency said Nigeria’s economic reforms have started yielding results, with improved revenue mobilization, lower debt-service pressure, higher allocations to states and local governments, and new investments in health, education and infrastructure.
The unvarnished truth is that Nigeria’s revenue-to-GDP ratio is still ranked among the lowest globally, limiting the government’s ability to fund public services without borrowing.
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