Updating your news feed...
NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.
Loading banners
Loading banners...
AfDB president, Akinwumi Adesina
By TERHEMBA DAKA, Abuja
The African Development Bank (AfDB) on Monday expressed worries over the country’s rising debt service-to-revenue ratio, currently put at 73 percent.
President of the bank, Akinwumi Adesina said, although Nigeria’s debt to the GDP remains moderate at 35 percent, the government must decisively tackle its debt challenges to grow the economy.
Akinwumi spoke at the opening of a two-day Mid-Term Ministerial Performance Review Retreat at the Presidential Villa, Abuja.
“Nigeria must decisively tackle its debt challenges. The debt service to revenue ratio of Nigeria is high at 73%,” Akinwumi said.
“Things will improve as oil prices recover, but the situation has revealed the vulnerability of Nigeria’s economy. To have economic resurgence, we need to fix the structure of the economy and address some fundamentals.”
Akinwunmi advised that for Nigeria to sustain its growth and economic resurgence, there is a need to remove all structural bottlenecks that limit productivity and revenue-earning potential of the huge non-oil sectors. (The Guardian)
