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THE NATION'S DEBT PROFILE IS FRIGHTENING - PRIMATE NDUKUBA | Church of Nigeria (Anglican Communion)

THE NATION’S DEBT PROFILE IS FRIGHTENING – PRIMATE NDUKUBA

  • Korede Akintunde
  • February 12, 2024
  • 0 Comments

The Primate of the Church of Nigeria, Anglican Communion, The Most Revd. Dr. Henry Ndukuba expressed his concern on the worrisome, not-too-good state of the nation’s economy, especially the debt profile., he implored the leadership of this country to quickly address this development as it could hinder the government’s ability to effectively implement its development agenda.

This was disclosed during his Presidential address to delegates at the just concluded Standing Committee Meeting of the Church in Ika Delta State. According to him, it is a grave concern that debt servicing had increased to 11 trillion naira and surpassed both recurrent and budgetary expenditures. He also reminded those in power that “the reliance on external borrowing exposes the Nigerian economy to exchange rate risks”.

Apart from the worsening insecurity in Nigeria, Archbishop Ndukuba regrettably noted: “Our debt profile has increased from 63 billion US dollars to over 120 US dollars by year-end 2023, with 96% of revenues now going to just debt service alone, Naira currently exchanging at N1,450 to a $1”. He described the situation as frightening because it will limit the funds available for critical sectors like healthcare, education, and infrastructure.

Speaking further, Primate Ndukuba Highlighted Another negative effect of high debt levels “The potential to erode investor confidence, particularly among foreign investors, resulting in capital flight, thereby negatively impacting the Nigerian stock market and overall economic stability”. He reminded the country leadership that “continuous borrowing contributes to inflationary pressures in the economy because as government injects more money into the calculation, it drives up prices, affecting the cost of living for ordinary citizens” He added.

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