Minister of Finance, Zainab Ahmed says despite Nigeria’s debt profile which is 19 percent of the country’s Gross Domestic Product (GDP), the country still ranked low compare to South Africa, Ghana, Egypt and Brazil.
“In the borrowing, we are still at 19 percent to GDP. Our borrowing is still low. What is allowed by our Fiscal Responsibility Act is the maximum of 25 percent of our GDP compared to other countries like; Ghana, Egypt, South Africa, Angola and Brazil and we are the lowest in terms of borrowing.”
The minister however acknowledged that one of the major problems the country is facing is the revenue saying revenues generated are performing at the aggregate rate of 55 percent which hinders the ability for optimal budget plan.
The minister also assured Nigerians that there is no intention to remove fuel subsidy.