• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Stringent regulations, business environment forced Stanbic IBTC out of BDC business

      January 15, 2021

      Finance

      Cautious equities trading see gains in Flour Mills, Mobil, Wapco push market cap to ₦21.09trn

      January 15, 2021

      Finance

      CBN issues guidelines for QR codes operation in Nigeria

      January 15, 2021

      Finance

      Global Equities: Positive sentiment buoys global markets’ performance on vaccine rollout, Biden confirmation

      January 13, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      WORLD BUSINESS & ECONOMY

      Only 20% of UK financial services professionals believe firms possess ethical commitment

      January 16, 2021

      Frontpage

      Moody’s sees negative 2021 outlook for sub-Saharan Africa, with severe economic challenges

      January 15, 2021

      Commodities

      Metals make sluggish gains on LME, SHFE, as investors anticipate US stimulus

      January 15, 2021

      WORLD BUSINESS & ECONOMY

      Smart home market profits to reach $176bn in 2025, rising by 127%  

      January 15, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      NNPC moves to rehabilitate downstream infrastructure, openscontract bids

      January 15, 2021

      Companies

      Ardova enters acquisition talks with Enyo as part of expansion drive  

      January 15, 2021

      Oil and Gas

      NNPC reaffirms commitment to OPEC+ agreement   

      January 15, 2021

      Imo

      FIRST E&P faces CSR headwinds in Bayelsacommunities, ahead OMLs 83, 85 production start

      January 15, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      CBN meeting and NSE in focus

      4 hrs

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      4 hrs

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      6 hrs

      Analyst Insight

      Data privacy maturity model in organisations

      January 11, 2021

Frontpage

Nigeria’s finance minister disagrees with IMF, says debt level sustainable, under control

Goddey Odin

Goddey Odin is  Businessamlive content writer.
You can contact him on goddey.odin@businessamlive.com with stories and commentary.

April 20, 20181K views0 comments

Kemi Adeosun, Nigeria’s minister of finance said Friday that the country’s debt level remains sustainable and under control with less than 20 percent to GDP ratio and as such could not be categorised a low-income country by the International Monetary Fund (IMF).

Tobias Adrian, the IMF financial counselor, and director of the Monetary and Capital Markets Department had on Wednesday said rising public debts in emerging economies could constitute a direct risk on financial stability.

Speaking to pressmen on the sideline of the G20 finance ministers and central bank governors meetings at the ongoing 2018 IMF and World Bank meetings in Washington DC, Adeosun said Nigeria had nothing to worry about.

In her words, “It is correct that debt levels in low-income countries is a threat but Nigeria is better described as a middle-income country.

Read Also:

  • Fallacy, ambiguity in Finance Act (2020) with respect to FIRS, financial…
  • CBN issues guidelines for QR codes operation in Nigeria
  • Reflections on interagency collaboration in security management in Nigeria
  • Positioning Nigeria’s agriculture as financial stronghold for AfCFTA
  • Nigeria can generate 30,000MW of electricity by 2030, say GenCos

“The concern that has been expressed, and it’s a legitimate one, is that debt levels in those countries are at 55 percent of GDP, which is very high, but Nigeria’s is at less than 20 percent,” she said.

The finance minister insisted that Nigeria is “not one of the countries they (IMF) have expressed concerns about, however, we will continue to manage our debt very, very responsibly.”

“We are at 20 percent of GDP and we do not intend to grow it aggressively. We are doing well at the moment as debt rate to revenue is going down gradually as we replace debt with revenue and refinancing our debt,” she said.

Adeosun said the government would keep monitoring and analysing its debt levels at every stage so that they don’t fall into the trap that most African States had fallen into.

The Minister, however, said that it was expedient for the government to borrow so as to save the country, which economy was near collapse as a result of the recession.

“There were two options. One was austerity, cut back, lay people off, and wait for the oil prices to rebound.

“The other was to be more aggressive by expanding the budget, take on more debt and invest in infrastructure in the hope that you will get growth going and then you will be able to develop more revenues.

“Step one, two and three of that have been done. We expanded our budget, we pumped money into the economy, we made sure that recession wasn’t prolonged and we are now back into growth.

Share on Facebook Tweet Email
TagsIMF International Monetary Fund Nigeria's economy Nigeria's Finance minister
PreviousNigeria Senate champions fintech growth to accelerate financial inclusion
NextAgain, Nigeria’s central bank keeps forex market liquid with $396.18m intervention

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Sachet Culture: Fueling consumer buying behaviour or pollution?
  • On stakeholders and impactful communication
  • CBN meeting and NSE in focus
  • The Fight for Women’s Rights Beyond #MeToo
  • Once again, fiscal stimulus takes centre stage

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

FrieslandCampina WAMCO expands footprint in Nigeria with acquisition of Nutricima dairy business

Business News September 29, 2020

1
2

I’ve never violated any process in AfDB — Adesina

Frontpage May 28, 2020

3

COVID-19 causes Nigeria 40% revenue drop-Osinbajo

Frontpage July 15, 2020

4

Nigerian stocks keep bull run going for third day with All-Share Index recording 0.69% gain  

Frontpage October 23, 2018

5

Procurement fraud at 38% the most prevalent economic crime in Nigeria in past 24 months – PwC

Frontpage March 15, 2018

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.