By Elizabeth Adegbesan
A partner at PricewaterhouseCoopers (PwC), Taiwo Oyedele, has warned that the country’s rising debt service obligations, if not curtailed, could lead into a debt trap.
He also noted that the country’s public debt rose by 21 per cent in five years adding that the nation is poor but filled with the potentials to be rich.
Oyedele disclosed this over the weekend at the 2021 Chartered Institute of Bankers, CIBN’s Fellowship Investiture, in Lagos.
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In his presentation on the theme: “Nigeria’s rising debt profile: Issues and implications for sustainable economic development”, Oyedele said: “Our debt profile has risen 21 percent over the past five years and this is somewhere around 156 per cent increase. If you add it up to today it would have increased further. This is just as at end of last year.
‘‘In this same period our GDP has just increased by an…
Source: Vanguard Newspaper