President Olusegun Obasanjo on Friday in Lagos expressed deep concern about Nigeria’s current debt profile and warned the Federal Government against “impending bankruptcy.”
Obasanjo was a keynote speaker at the “Why I am Alive” campaign celebration in Lagos on Friday.
Nigeria’s external debt, he said, grew by as much as 700 percent to N24.947 trillion ($81.2.74 billion), from $10.32 billion in just four years (2015), meaning that the country would have to commit half of its foreign earnings to servicing its current level of indebtedness.
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