Vice President, Yemi Osinbajo has stated that despite the country’s debt burden, it is still ranked amongst the lowest in the World when compared to the size of its economy.
The Vice President also said the present administration has also succeeded in stabilising the inflation rate over the past six months.
“We restored medium-term planning with the Economic Recovery and Growth Plan which served as a useful loadstone in improving macroeconomic performance, boosting the real sector of the economy and building infrastructure. The decline in growth, which started at the end of 2014, has been reversed, inflation has stabilised at about 11 per cent over the past six months, and our current account was in surplus around 1.3 per cent of the Gross Domestic Product last year.
“Our foreign reserves can cover at least six months of import of goods and services, and despite understandable concerns, our debt burden is only about 22 per cent of the size of our economy, which is one of the lowest ratios in the world.”
The Vice President promised that the next four years would feature reforms in the aviation, export and import sectors.