How Nigeria crash its debt profile - Osinbajo opens up

How Nigeria crash its debt profile - Osinbajo opens up

- Vice president Yemi Osinbajo has said that the debt profile of Nigeria is on the decrease

- Osinbajo while speaking in Lagos said Nigeria has the lowest debt profile in the world

- According to Osinbajo, the inflation in Nigeria had stabilised at 11% over the past six months

Nigeria's current debt profile when compared to the size of its economy is the lowest in the world, the vice president Yemi Osinbajo has said.

Osinbajo while speaking at the 50th convocation of the University of Lagos, Akoka, themed “Nigeria Rising: The Path to Prosperity” said that the inflation in Nigeria had stabilised at 11% over the past six months.

He also said that within the next four years Nigeria would witness series of reforms in aviation, export and import sectors while the regulatory agencies would broaden into business facilitators.

Osinbajo said: "The decline in growth, which started at the end of 2014, has been reversed, inflation has stabilised at about 11% over the past six months and our current account was in surplus around 1.3% of the Gross Domestic Product last year."

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“Our foreign reserves can cover at least six months of import of goods and services and despite understandable concerns, our debt burden is only about 22% of the size of our economy, which is one of the lowest ratios in the world.

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“We have very clear objectives. As you know, the problem of our country is not the planning or designing of great projects, it is in the actual implementation," the vice president noted.

Meawhile, Legit.ng previously reported that Osinbajo said that the federal government feeds public school pupils with 594 cattle, 138,000 chickens, 6.8million eggs and 83 metric tons of fish every week.

Osinbajo said the federal government provides a balanced meal for every one of the 9,300,892 pupils in 49,837 public primary schools in 26 states across Nigeria at a cost of $0.19 per child everyday.

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Source: Legit

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