Grapevine

By Daily Nigerian
Jul 18, 2024

Nigeria’s debt-to-GDP within World Bank/IMF ceiling – DMO — Daily Nigerian

The Debt Management Office (DMO), says Nigeria’s debt-to- Gross Domestic Product (GDP) ratio is within the specifications of the World Bank and International Monetary Fund (IMF) for the country’s peer group.

The Director-General of the DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

Oniha was reacting to some media reports that the debt-to-GDP ratio of 52 per cent exceeded the World Bank/IMF’s prudential ceiling for countries in Nigeria’s peer group

She explained that the prudential ceiling for such countries was 55 per cent, and not 40 per cent.

Oniha highlighted that improvement in revenue generation was crucial for the country to achieve accelerated socio-economic development and debt sustainability.