The Acting Minister of Finance, Mrs. Zainab Ahmed, says Nigeria does not have debt problem because the country’s debt ratio to GDP is below the three per cent threshold set by the Fiscal Reason-ability Act.
She noted that the main challenge confronting the nation is revenue problem, saying that the nation lacks the revenue to pay salaries and to also meet the recurrent and capital expenditures.
She added that the national debt appears high because the country is currently facing a low revenue challenge.
Ahmed said this on Friday during a visit to the Nigeria Customs Service Headquarters in Abuja.
The minister also stressed the importance of improving revenue generation to enable Nigeria to achieve its economic objectives.
She said, “People have raised concerns about our debt profile, but we do not have a debt problem.
“Our debt ratio to GDP is still below three per cent, which is the threshold set by the Fiscal Reasonability Act.
“What we have is a revenue problem. We don’t have revenue to pay salaries and to meet the recurrent as well as the capital expenditure.”
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