the Minister of Budget and National Planning, Udo Udoma, has said Nigeria still has ample room to borrow more whenever it needs to do so.
He explained that the country was not running any debt risk, adding that it had one of the lowest debt levels among its African peers.
Udoma stated this in Bali, Indonesia, at the just concluded annual meetings of the International Monetary Fund and the World Bank, adding that the implementation of the Economic Recovery and Growth Plan 2017-2020 was moving Nigeria’s economy in a positive direction.
He said actions taken since the inauguration of the plan in early 2017 had helped to build buffers and appropriate measures to safeguard the economy from external shocks.
Udoma recalled that following the collapse of crude oil prices in 2014, which culminated in the country’s economy sliding into recession in 2016, the government developed the ERGP in early 2017.
He told his audience that the plan had five strategic areas of macroeconomic stability, economic diversification and growth drivers, competitiveness, social inclusion and jobs, as well as governance and other enablers.