Ex-ANAN president urges FG to halt rising external debt

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A former president of the Association of National Accountants of Nigeria, Dr Samuel Nzekwe, has advised the Federal Government to check the rising external debt profile of the country.
Nzekwe gave the advice in an interview with the News Agency of Nigeria in Ota, Ogun, on Thursday.

NAN reports that the International Monetary Fund had on Wednesday said that Nigeria‘s debt to GDP ratio was risky.

Nzekwe said that the advice became necessary because it would be difficult to finance capital and recurrent expenditures when using more than a quarter of revenue generated to service debt.

He urged the government to be cautious in accumulating more debts, saying investors’ confidence may be eroded.

He said that “We need investors to invest in Nigeria so that they can create employment and galvanise productivity as well as more receipts from foreign exchange.

“A huge debt profile would also affect exchange rate between Nigeria and others countries as our currency would start depreciating.”

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