FG fires back at IMF, others over comments on Nigeria’s external debt

 

The Federal Government through the Debt Management Office, (DMO), has reacted to recent reports by the International Monetary Fund, (IMF), and Agusto and Co which claimed that Nigeria’s debt levels and debt service levels have grown over the years.

 

The DMO in a statement released on Saturday said the reports failed to consider the challenges experienced by Nigeria in recent times such as two recessions, a sharp drop in revenues and security challenges.

 

The Debt Office claimed the analysis made by the two Financial Organizations did not acknowledge the improvements in infrastructure which have been achieved through borrowing as well as the strong measures by the Government to grow revenues.

 

It argued that the Federal Government is already implementing policies towards increasing revenue and developing infrastructure through Public-Private Partnership, (PPP), arrangements both of which will improve debt sustainability.

 

The DMO also noted that “the Government has active and regular engagements with the IMF on borrowing and debt management”.