Nigeria’s debt trajectory sustainable, no 2023 bond sale — Finance Minister

Nigeria's Minister of Finance, Budget and National Planning, Dr Zainab Ahmed

Nigeria’s debt trajectory is sustainable the country’s finance minister said on Wednesday, adding that it planned to bring its key debt service-to-revenue ratio down sharply this year and would not borrow on the international capital markets.

Nigeria’s government spent 80% of its revenue on debt servicing last year, a ratio that could rise to around 100%, the International Monetary Fund estimates.

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“Eighty percent is not sustainable and our plan is that it is coming down to 60% in 2023,” Zainab Ahmed said in a Bloomberg TV interview, adding that the country expected to produce 1.6 million barrels of oil a day this year.