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Nigeria’s N77bn debt shouldn’t be cause for alarm – Senator Jimoh Ibrahim

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Nigeria’s N77bn debt shouldn’t be cause for alarm – Senator Jimoh Ibrahim

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Nigeria’s N77bn debt shouldn’t be cause for alarm – Senator Jimoh Ibrahim
Senator representing Ondo South Senatorial Constituency, Jimoh Ibrahim, said Nigeria’s N77 trillion debt should not be cause for alarm.

Ibrahim, a business mogul, disclosed this in a statement to journalists on Sunday.

The lawmaker stated that there is a need for President Bola Ahmed Tinubu’s government to have a dedicated Ministry of Revenue to be managed by the national treasurer

His comment comes on the heels of the ongoing confirmation of 48 ministerial nominees sent to the Senate by Tinubu.

He wrote: “The nation’s debt of N77 trillion shouldn’t be a cause for worry considering the current debt to Gross Domestic Product ratio of less than 31 per cent and required innovative ideas for defraying it.”

In late June, the Debt Management Office said the country’s total debt stock stood at N49.85 trillion, excluding the N22.719 trillion securitised Ways and Means loans from the Central Bank of Nigeria.