The Debt Management Office (DMO) has faulted the International Monetary Fund (IMF) over its position on the nation’s debt servicing obligations.
The Fund said in its 2021 Article IV, that the Nigerian Government could spend as much as 92.6 per cent of its revenue on debt servicing this year.
That position was first aired by Agusto and Co. rating agency. However, the DMO, in a statement yesterday, said that although Nigeria’s debt and debt service levels may have grown over the years, the reports of the two bodies failed to take into consideration the last two recessions in the country, due to low revenue.
It queried the analysis that failed to recognize the improvements in infrastructure, achieved through borrowing.
The Office clarified that the federal government was already implementing policies towards increasing revenues and developing infrastructure through Public Private Partnership arrangements,.
It said that the nation’s debt remained sustainable as revenue efforts were already yielding fruits.
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