no cause for alarm, says govt

By Bunmi Ogunmodede, News Editor

The Federal Government on Monday defended Nigeria’s rising debt profile.

It described those warning that the  over $83.8 billion domestic and external debt signposted danger for the economy as scaremongers.

Minister of Information and Culture Lai Mohammed said in Lagos that there were misrepresentations in the figures being bandied in certain quarters on the debt profile.

Mohammed argued that Nigeria  had not even reached its debt ceiling of 25 per cent in total public debt stock to Gross Domestic Product (GDP).

Former President Olusegun Obasanjo said at the weekend that Nigeria faced  impending bankruptcy, with its external debt ballooning by 700 per cent in four years.

The former President put Nigeria’s external debt at $81.2 billion  (about N24.947 trillion) from $10.32 billion within four years.

Highlighting the achievements of the Muhammadu Buhari-led administration in the last one year,   Mohammed said it was  wrong for some…

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