Minister of Finance, Zainab Ahmed has said that Nigeria does not have a debt problem rather issues with revenue generation.
Zainab is hopeful emerging revenue streams will help finance the nation’s expenditure.
This is coming against the backdrop of the IMF telling Nigeria to exercise caution with debts.
Gfx Recent data from the Debt Management Office shows domestic and external debt owed by federal and state governments now stands at twenty five point seven trillion naira.
The International Monetary Fund at its ongoing annual meetings already told the country to be mindful of borrowing as though it could be economically beneficial but counter-productive when negative shocks hit.
But the finance ministry feels the country’s debt is way within limits and believes the concern should rather be on how the country could generate more income.
Nigeria presently has a revenue to GDP ratio of 8% which government considers sub-optimal.
New non-oil income generating initiatives are now evolving.
A school of thought already argues that revenue projections in the 2020 budget may be way too ambitious but the minister disagrees.
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