Nigeria currently pays its debts without using Central Bank loans – Finance Minister
According to Finance Minister Wale Edun, Nigeria is now financially stable enough to pay off its debt without using the tactics of the Central Bank.
This was revealed by Edun on Tuesday in Abuja during the presentation of his ministry’s performance after a year under President Bola Tinubu’s leadership.
Nigeria’s economy, according to Edun, is expanding. In the first quarter of 2024, the GDP of the nation increased by 2.99% in real terms, outpacing the 2.3% growth recorded in the same period in 2023.
He emphasized that Tinubu has brought new life to Nigeria’s economy.
This implies that the government can now cover its expenses. The government is servicing its debt, especially the foreign debt, without coming up with ways to do so.
In April, headline and food inflation rates in Nigeria rose to 33.69% and 40.53%, respectively. The development has made Nigeria’s economic problems worse.
Nigeria’s international and domestic debt rose to N97.341 trillion in the fourth quarter of 2023, according to data released in March by the Debt Management Office.
