Vice President Kashim Shettima has made a promising projection, stating that Nigeria’s debt-to-GDP ratio could significantly decrease from its current 52.8% to around 30% by January 2025, following the upcoming rebasing exercise.
He said this at the opening of the 14th annual Bankers’ Committee Retreat in Abuja with the theme: “contract and commitment to national development and economic growth.”
Represented by Tope Fasua,special Adviser on economic affairs in the office of the Vice President,Shettima, said Nigeria has good reasons to conduct the rebasing exercise given the dynamism of the economy, even though low revenues and high debt now put at N134.27 trillion.
Shettima said “Perhaps the results, when announced in January 2025 will give us a spur and a spring to more logically pursue the targeted results.
“Nigerians say many things about our debt level, which is currently at 52% but which may go back down to 30% post-rebasing, but it is evident that public revenues are a bigger issue compared to peers like Kenya and South Africa,”
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Vice President Kashim Shettima urged the Bankers’ Committee to step up their efforts in driving economic growth and development, emphasizing the need for them to address pressing issues in the sector, such as difficulties in accessing cash, high and arbitrary charges, and exploitation by rogue agents, which are hindering financial and economic inclusion.
“Nigerians complain bitterly that they are unable to access even minimal cash when most needed. There seems to have been some moral hazard and adverse selection problem with the involvement of street-side POS merchants.
“Nigerians complain about high and arbitrary charges and exploitation by rogue agents which we are sure you will be able to tackle, with concerted efforts”.
“We need more initiatives towards the financing of MSMEs, and we urge you to continue to support the efforts of the federal government in the area of consumer credit culture,” he said.
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