The Minister of Finance, Mrs. Kemi Adeosun, on Sunday, said the nation must borrow more in the short term to deliver critical infrastructural projects such as roads, rail and power. According to her, Nigeria currently has one of the lowest debt-to-Gross Domestic Product figures in the world and the administration has no plan to go into massive borrowing that it cannot sustain.
Adeosun spoke at a press conference marking the conclusion of the 2017 World Bank/International Monetary Fund Annual Meetings in Washington DC, United States. She said, “Nigeria’s debt-to-Gross Domestic Product ratio is one of the lowest actually.
It is about 19 per cent. Most advanced countries have over 100 per cent. I am not saying we want to move to 100 per cent. But I’m saying we need to tolerate a little bit more debt in the short term to deliver roads, rail, and power