Categories: News

No cause for worry over Nigeria’s debt – Expert

A Financial Expert, Mr Rasheed Yusuf, on Tuesday said Nigerians should not be unduly disturbed by the country’s debt profile under the administration of President Muhammadu Buhari because it was tied to infrastructural development.

Yusuf, the Chief Executive Officer of Trust Yield Securities, said this in an interview with the News Agency of Nigeria (NAN) in Lagos.

“To meet the various competing interest, this government needed to borrow as the price of oil dipped when President Buhari assumed office.
“As it is almost inevitable not to borrow to execute the budget and ensure the machinery of government is running,” he said.

Yusuf noted that borrowing to bridge the nation’s infrastructural gap was one of the best ways of addressing such challenges.
“Fixing infrastructure through borrowing is a universal practice as most of the countries we admire today have done that successfully.

“We cannot be an exception if our citizens hope that the nation’s ailing infrastructure must be improved upon,” the expert said.

He called on Nigerians to change their perception on borrowing as long it had been expended on productive activities.
“There is nothing wrong with borrowing, especially when it is not been spent on consumables, but to boost productive activities,” Yusuf said.

NAN reports that Nigeria’s external debt rose by 11.77 billion dollars in the last three years.
According to debt statistics obtained from the Debt Management Office (DMO), the country’s external debt rose from 10.32 billion dollars in June 30, 2015 to 22.08 billion dollars as at June 30.

This means that the country’s external debt commitment has grown by 114.05 per cent in the last three years

No cause for worry over Nigeria’s debt – Expert was last modified: September 4th, 2018 by Francis Belux
Francis Belux

Francis Mbeto Belux is a author and Journalist from Akwa Ibom. He published content from the News Agency of Nigeria(NAN). He is a graduate of Journalism from ESUT and a sports Enthusiast.

Share
Published by
Francis Belux
Tags: debt

Recent Posts

  • News

JUST IN: Nigerian Customs reacts to shooting of Civilian in Viral Video

PoliticsNGR has been furnished with a statement from the Nigerian Customs signed by its Public Relations Officer, Joseph Attah on…

7 hours ago
  • Politics

BREAKING: National Assembly Postpones Resumption (REASONS)

The National Assembly has announced the postponement of its resumption scheduled for Tuesday, February 19 to Tuesday, February 26. The…

8 hours ago
  • News

‘They are brought down’ – Man prays against President Buhari, Cabal (PICS)

A Nigerian Man and a group of prayer warriors were seen praying in Abuja against President Muhammadu Buhari's victory in…

8 hours ago
  • Press Releases

FLASH: Woman caught stealing new born baby in Kano (PHOTOS)

The woman seen in the footage below was reportedly caught with a stolen new-born baby recently. According to an Eyewitness,…

9 hours ago
  • Politics

President Buhari attacks INEC over Postponement of Elections (WATCH)

Nigeria's President, Muhammadu Buhari has accused the Independent National Electoral Commission, INEC of 'inefficiency' following the postponement of the 2019 general…

10 hours ago
  • Politics

ANOTHER LEAKED TAPE: Tinubu refers to Igbos as ‘Awon Okoros’ [LISTEN]

Another tape has emerged of the National Leader of the All Progressives Congress, APC, Bola Ahmed Tinubu calling Igbo people…

10 hours ago