The Minister of Finance, Mrs Zainab Ahmed, has said that Nigeria’s debt which currently stands at about N24.3tn is still within sustainable limit.
She said that the country’s debt, which is about 19 per cent to the Gross Domestic Product, was still low compared to Ghana, Brazil, South Africa, Egypt and Angola.
She said, “In the borrowing, we are still at 19 per cent to GDP; our borrowing is still low.
“What is allowed by our Fiscal Responsibility Act is the maximum of 25 per cent of our GDP compared to other countries like Ghana, Egypt, South Africa, Angola and Brazil and we are the lowest in terms of borrowing.”
In a statement from the minister’s Media Adviser, Mr Paul Ella, she maintained that there was no plan to remove fuel subsidy as being speculated.
She said that the current subsidy arrangement which was in the form of under recovery by the Nigerian National Petroleum Corporation was far better than what was obtainable when oil marketers were paid directly for fuel subsidy.