Minister of Finance, Wale Edun, has said Nigeria’s revenue to debt service ratio dropped from 97 per cent in the first half of 2023 to 68 per cent within the same period in 2024.
This, according to him, is an indication of a reduction in the debt burden of the government.
The minister stated this at a media briefing in Abuja.
He said the country’s revenue is now being managed in such a way that promotes transparency, accountability and visibility of government spending, pointing out that the country’s revenue condition has been revamped and no longer depends on ways and means advances from the Central Bank to fund its fiscal obligations.
Edun further said the federal government is targeting between 25 to 20 per cent inflation rate before the end of the year and the same figure is also being signalled by the Central Bank of Nigeria.
The minister added that with the incentives the government is creating in the agricultural sector as well as the oil and gas industry to drive economic growth and productivity, it expects the debt stock to decline to about $95 billion.
“And we expect budget deficits to be around 4% which is the target,” Edun added.
