The President of the African Development Bank (AfDB) Akinwumi Adesina, said the international community needs to come to the aid of Nigeria as regards the country’s rising debt, IgbereTV reports
Adesina told the Nigeria International Economic Partnership Forum in New York on Thursday that Nigeria needs help to tackle its debt burden which is now N42.84 trillion or $103 billion.
IgbereTV had previously reported that external debt levels rose to N16.61 trillion, and domestic debt hit N26.23 trillion as of June 30, 2022, after President Muhammadu Buhari’s administration borrowed N3.28 trillion in the first six months of this year.
The AfDB President reechoed the impact of the rising debt on Nigeria at the forum, saying “Nigeria’s total debt level is N42.84 trillion or $103 billion. External debt levels stand at N16.61 trillion or $40 billion. Ladies and gentlemen, Nigeria needs help to tackle this debt burden.”
He also stated that, “Financing is critical because the debt to GDP ratio of Africa has increased to 70 percent — several countries are at risk of high debt distress due to unstable, unsustainable debt levels
