Finance Minister Wale Edun has attributed Nigeria’s high debt service costs to previous borrowing practices and elevated interest rates, warning that they continue to strain government revenues.
In a Monday op-ed, Edun acknowledged progress in economic reforms but highlighted persistent challenges, noting that debt servicing consumes a disproportionate share of revenues.
“This is the consequence of past borrowing and elevated interest rates. At the same time, Nigeria’s fiscal revenue-to-GDP ratio, at about 10 per cent after rebasing, remains one of the lowest in Africa,” he wrote.
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“This limits government resources for essential services like health, education, and infrastructure.”
The minister emphasized that while economic stability is essential, it must be paired with job-creating growth to achieve inclusive prosperity.
President Bola Tinubu had earlier stated on October 1 that the debt service-to-revenue ratio had fallen from 97 percent to below 50 percent.
In November 2024, he reported a decline to 65 percent.Edun outlined sectoral interventions, including incentives to revive oil and gas investments, with production now at 1.68 million barrels per day.
“In agriculture, we are boosting food supply, reducing reliance on imports, and ensuring farmers have security and access to markets,” he said.
He added that the government is promoting factory investments, strategic value chains, technology, and the creative sector to employ Nigeria’s youth and drive innovation.
Efforts are also underway to expand non-oil exports, particularly critical minerals, while leveraging public-private partnerships for infrastructure.
Edun cited projects such as the Ajaokuta-Kaduna-Kano gas pipeline and nationwide fibre expansion as key initiatives.
The minister projected that collaborative efforts between government, private sector, and citizens could drive GDP growth to 7 percent by 2027/2028, enhancing resilience and improving livelihoods.