Ex-ANAN President Urges FG To Halt Rising External Debt

A former president of the Association of National Accountants of Nigeria (ANAN) 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 (NAN) in Ota, Ogun, on Thursday.

NAN reports that the International Monetary Fund (IMF)  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.

“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,” he said.

The post Ex-ANAN President Urges FG To Halt Rising External Debt appeared first on Independent Newspapers Nigeria.

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