The International Monetary Fund (IMF) has warned the Federal Government about its rising debt profile, especially of foreign loans.
Speaking on Wednesday at the ongoing World Bank/IMF Annual Meetings in Washington D.C, IMF Director, Monetary and Capital Markets Department TOBIAS ADRIAN, lamented that external borrowing in emerging markets and low-income countries, which includes Nigeria, is rising.
ADRIAN who unveiled the Global Financial Stability Report said such borrowing would become a challenge if resources realized from them are not put to good use.
President MUHAMMADU BUHARI has requested the National Assembly to approve a request to borrow $5.5 billion.
The Federal Government has so far raised 1.5 billion dollars through Euro bond this year and another N100 billion through Sukuk bonds already invested in infrastructure funding.
Nigeria’s public debt as at June 2017 stood at 64.19 billion dollars according to data from the Debt Management Office (DMO).