Amid growing concerns by Nigerians over the rate at which the Federal Government borrows to fund its economic needs, the World Bank has said that the country is not highly indebted.
It described Nigeria as a moderately indebted country, noting that West Africa’s most populous nation does not have a high indebtedness problem but a low revenue problem.
The Country Director of the World Bank, Mathew Verghis, who disclosed this while speaking on Friday, explained that Nigeria borrows for the same reason that other countries borrow to meet their economic needs.
It further advised that focus should be on increasing revenue to lead to better outcomes, better jobs, and lower poverty.
