Nigeria's N77bn Debt: No Cause for Alarm - Sen. Jimoh Ibrahim
Senator Jimoh Ibrahim, who represents Ondo South senatorial constituency, reassured that Nigeria's N77 trillion debt need not be a cause for concern. The prominent business figure shared this viewpoint with the press on Sunday, emphasizing the importance of President Bola Ahmed Tinubu's administration establishing a specialized Ministry of Revenue, overseen by the national treasurer.
His statement coincides with the ongoing Senate confirmation process for the 48 ministerial nominees submitted by Tinubu.
In his words: "The national debt of N77 trillion need not be a source of anxiety, given the current debt-to-Gross Domestic Product ratio of under 31 percent, and it calls for inventive approaches to its resolution."
As of late June, the Debt Management Office reported that the nation's total debt amounted to N49.85 trillion, not including the N22.719 trillion securitized Ways and Means loans from the Central Bank of Nigeria.
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