The Nigeria Employers Consultative Association (NECA) says the nation’s debt profile is worrisome and unsustainable for the economy.
Timothy Olawale, NECA director-general, according to Vanguard, said this during the weekend, advising the federal government to adopt the public-private-partnership (PPP) approach to carry out infrastructural developments.
Earlier in September, the Debt Management Office (DMO) announced that Nigeria’s total public debt (federal and state governments) rose to N35.46 trillion at the end of the second quarter (Q2) of 2021 — an increase of N2.3 trillion in three months.
Lai Mohammed, minister of information and culture, had defended the federal government’s borrowing plans, saying the loans are being used to construct critical infrastructure for the benefit of Nigerians.
“We applaud the mammoth infrastructural development being carried out by this administration since inception; however, it is our belief that more can be achieved with the huge natural, human resources and capabilities available within the economy, if managed appropriately,” Olawale said.
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