Finance Minister Say Nigeria To Spend 60% Of Revenue On Debt Servicing In 2023

The minister of finance, budget and national planning, Zainab Ahmed has stated that  Nigeria plans to bring down its debt service-to-revenue ratio to 60 percent this year.

Ahmed spoke on Wednesday during an interview with Bloomberg TV on the sidelines of the World Economic Forum in Davos.

Speaking on the issue, Ahmed said Nigeria plans to cut its revenue spending on debt servicing to 60 percent in 2023, adding that the current ratio is not sustainable.

“Well, 80 percent is not sustainable and our plan is coming down to 60 percent in 2023 and how are we doing that? We are doing that by increasing revenues and by significantly reducing costs to enable us cope,” she said.

“There are some costs that we can pull back on, though not in the economy, but there are some costs that we must sustain such as provisions for education and health as well as infrastructure”, she submitted.