An economist, Prof. Sheriffdeen Tella, on Monday described the nation’s debt stock of N21.73tn as worrisome and urged the Federal Government to stop external borrowing.
Tella, a professor of Economics at Olabisi Onabanjo University, Ago-Iwoye, Ogun, expressed his views in an interview with the News Agency of Nigeria in Lagos.
He said that the current size of the country’s external debt was worrisome.
NAN reports that the Debt Management Office, on March 14, said that Nigeria’s external debt had risen to 18.91 billion dollars (N5.79trn) as at Dec. 31, 2017.
The DMO said that domestic debt also rose to N15.94trn, bringing the total debt stock to N21.725trn ($70.92b).
According to the economist, the total external debt of $18.91bn dollars is very high compared to the current Gross Domestic Product.
He said that the current GDP growth rate was largely due to higher crude oil…
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