Nigeria’s Debt Profile Among Lowest In The World —Osinbajo


Vice- President Yemi Osinbajo said on Monday that Nigeria ’s current debt burden , when compared to the size of the economy , is among the lowest in the world .
The vice president spoke in Lagos at the 50 th convocation of the University of Lagos in Akoka.
He delivered UNILAG ’s convocation lecture with the theme , “Nigeria Rising : The Path to Prosperity .”
Osin bajo said inflation in Nigeria had stabilised at 11 per cent over the past six months.
He said , “We restored medium - term planning with the Economic Recovery and Growth Plan which served as a useful loadstone in improving macroeconomic performance , boosting the real sector of the economy and building infrastructure . The decline in growth , which started at the end of 2014 , has been reversed , inflation has stabilised at about 11 per cent over the past six months and our current account was in surplus around 1 .3 per cent of the Gross Domestic Product last year .
“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 per cent of the size of our economy , which is one of the lowest ratios in the world .
“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 . We are fortunate that Muhammadu Buhari is not an orator , he is a doer .”
The vice president said the next four years would feature reforms in the aviation and export and import sectors , just as the regulatory agencies would broaden into business facilitators.
The Chairman on the occasion , Chief Arthur Mbanefo, during his address said the lecture was special because it marked the significant homecoming for the vice president .
On his part, the Pro -Chancellor of the institution , Prof . Wale Babalakin , said the whole essence of an academic environment was to display a diversity of knowledge , as he insisted that “only academics should be in the environment of academics , not a person that sees the academia as a last resort .”
The Vice- Chancellor of the university, Prof . Oluwatoyin Ogundipe , said the institution was growing and by the end of the year UNILAG ’s ranking would be higher because the university had done a lot of research with the various grants it received.
Source: Punch

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