Okonjo-Iweala, Minister of Finance Differ on Nigeria’s Debts
The Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Director General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala, have differed on the debt / Gross Domestic Product ratio of the nation as there have been concerns about Nigeria’s growing debts.
While Ahmed put the debt-to-GDP ratio at 29 percent, Okojo-Iweala said it had risen to 35 percent.
Both the minister and the head of the WTO spoke at the African Development Bank’s high-level knowledge event on the theme: “From Debt Resolution to Growth: The Way Forward for Africa”, which was held virtually.
Ahmed also revealed that Nigeria planned to borrow more money to fund its infrastructure capacity.
This despite voices calling on the government to stop lending and focus on other means of raising funds for the country’s infrastructure needs.