President Bola Ahmed Tinubu said servicing Nigeria’s external debt profile with 90 per cent of the country’s revenue base is a simple path to destruction, hence not sustainable in every ramification.
The President disclosed this on Sunday in Abuja, declaring open the Nigerian Bar Association Annual Conference at the Velodrome, Chief MKO Abiola Stadium.
“Can we continue serving external debts with 90% of our revenue? It is a path to destruction. It is not sustainable. We must make the challenging changes necessary for our country to get up from slumber and be respected among the world’s great nations,” the President stated.
Kemi Filani News recalls that the Debt Management Office had decried that Nigeria is spending more than 70 per cent of its revenue on external debt servicing.