The former Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim has said that the the country’s debt profile from 2015 is not sustainable.
Ibrahim disclosed this while speaking with journalists in Erin-Ile in Oyun local government area of Kwara State where he maintained that he would not disparage the 9th Senate, but its predecessor would not have done what they did the same way on the incessant loans requests by the president.
He noted that the present debt profile brought forward from 2015 is not sustainable because of Its serious negative implication on Nigeria’s economy adding that there is need for deeper engagements with the private sectors, regulators, Civil Society Organizations and other relevant international organizations to aggregate all relevant opinions for the overall benefit of the country and its citizens
Meanwhile, Nigeria’s present debt profile according to the Debt Management Office (DMO) stands at over N38trn as at September 2021 representing a N5trn increase from its previous N33trn as of December 2020.
Experts have however, warned of a looming financial crisis as a result of the rising debt, a fear that government has however allayed.