Breaking news from 9am News Nigeria reveals that Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, has emphasized that the country’s debt situation is not as precarious as widely believed. Speaking during an interview with Channels TV on Sunday, September 29, Tuggar explained that Nigeria’s Debt-GDP ratio shows the nation is not heavily indebted and remains an attractive borrower internationally. According to him, countries like China continue to express willingness to lend more for development projects.
Minister Tuggar further elaborated, saying, “When it comes to debt, Nigeria is not among the critically indebted nations. China prepares to lend and invest more in Nigeria to boost infrastructure and development.” His statement, available to 9am News Nigeria, aligns with the broader understanding that Nigeria plays a significant role in the global south, particularly on behalf of developing nations.
Informal Sector and GDP
During the interview, Tuggar highlighted the importance of accounting for Nigeria’s informal sector, which he noted could elevate Nigeria’s GDP ranking in Africa. He revealed that the National Bureau of Statistics (NBS) is working to include the informal sector in its GDP assessment, which would give a more accurate reflection of Nigeria’s economic strength.
“Nigeria’s informal sector contributes a significant portion to the GDP,” Tuggar said, adding that when fully accounted for, Nigeria’s economic profile will improve significantly.
Constructive Criticism of Economic Performance
Tuggar welcomed criticism of the country’s economic performance but urged that it remain constructive rather than destructive. He cautioned against a self-defeating narrative, stressing that Nigeria, as the largest economy in Africa, should recognize its economic potential and global standing.
Nigeria’s Debt Profile
As of now, 9am News Nigeria reports that Nigeria’s total debt stands at N121 trillion, with N65.5 trillion attributed to domestic debt and $42.1 billion (N56 trillion) to foreign debt. Much of this debt has accumulated over the past eight years due to lower oil prices and rising security-related expenditures.
While acknowledging these economic challenges, Tuggar reassured that the Debt-GDP ratio remains manageable, and the country is positioned for growth, especially with continued investments in infrastructure and development.
This breaking news indicates that despite criticisms of Nigeria’s growing debt, there remains optimism for future growth through both domestic reforms and international partnerships.
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