LONDON (Reuters) – 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.
“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.
(Reporting by Marc Jones, Editing by Rachel Savage)
