{"id":34416,"date":"2020-10-07T10:22:50","date_gmt":"2020-10-07T10:22:50","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=34416"},"modified":"2020-10-07T10:23:00","modified_gmt":"2020-10-07T10:23:00","slug":"nigerias-debt-may-hit-n34tn-by-dec-debt-to-revenue-ratio-now-72-lcci","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=34416","title":{"rendered":"Nigeria\u2019s debt may hit N34tn by Dec, debt-to-revenue ratio now 72% \u2014LCCI"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i3.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2020\/10\/Toki-Mabogunje-President-LCCI.jpg\" alt=\"Toki Mabogunje, President LCCI\"\/><\/figure>\n\n\n\n<p>Nigeria\u2019s public debt portfolio could touch N34 trillion, around 23 per cent of its gross domestic product, by year end as Africa\u2019s biggest economy continues to rack up debts and prepares to take a consolidated $1.8 billion credit from a couple of multilateral lenders, the Lagos Chamber of Commerce and Industry (LCCI) said Tuesday.<\/p>\n\n\n\n<p>Its public debt stock climbed to N31 billion in second quarter, eight per cent larger than the preceding quarter, Toki Mabogunje, LCCI\u2019s president, told attendees at the board of trade\u2019s annual general meeting in Lagos, citing new local and foreign borrowings made to bridge the yawning funding gap in the revised 20202 budget following the&nbsp;<a href=\"https:\/\/www.ripplesnigeria.com\/mane-isolating-after-testing-positive-for-coronavirus\/\">coronavirus crisis<\/a>.<\/p>\n\n\n\n<p>\u201cAt the peak of the pandemic in the second quarter, the Federal Government received financial support worth $3.4bn and $288.5m from the International Monetary Fund and the African Development Bank respectively, while negotiations are also on-going for a cumulative $1.8bn credit support from the World Bank, AfDB and Islamic Development Bank.\u201d<\/p>\n\n\n\n<p>Nigeria\u2019s debt burden is increasingly unsustainable, its\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.investopedia.com\/terms\/d\/dti.asp#:~:text=The%20debt%2Dto%2Dincome%20(DTI)%20ratio%20is%20a,to%20their%20monthly%20gross%20income.&amp;text=The%20debt%2Dto%2Dincome%20ratio,paying%20your%20monthly%20debt%20payments.\" target=\"_blank\">debt-to-revenue ratio<\/a>\u00a0touching 99% this March before easing to 72% in May, both figures well above the World Bank\u2019s benchmark of 22.5%.<\/p>\n\n\n\n<p>They remain grim milestones regardless of the reduction in the figure for May, considering that the amount of money the Nigerian government spent on debt service last year was lower at 60 per cent.<\/p>\n\n\n\n<p>\u201cThe high level of debt servicing continues to hinder robust investments in hard and soft infrastructures which are key to stimulating productivity and improving living standards,\u201d Ms Mabogunje said.<\/p>\n\n\n\n<p>\u201cWhile we commend policymakers for their interventions in reflating the economy and supporting businesses, we urge that special attention be given to sectors severely impacted by the pandemic.<\/p>\n\n\n\n<p>\u201cThe federal and state governments need to expeditiously redirect attention to these sectors including aviation, hospitality, entertainment, and manufacturing.<\/p>\n\n\n\n<p>\u201cThis has become necessary to protect jobs, preserve investments and provide the much-needed liquidity required to revive these sectors,\u201d she added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s public debt portfolio could touch N34 trillion, around 23 per cent of its gross domestic product, by year end as Africa\u2019s biggest economy continues to rack up debts and prepares to take a consolidated $1.8 billion credit from a couple of multilateral lenders, the Lagos Chamber of Commerce and Industry (LCCI) said Tuesday. Its [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria\u2019s debt may hit N34tn by Dec, debt-to-revenue ratio now 72% \u2014LCCI &raquo; WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=34416\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=34416#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Nigeria\u2019s debt may hit N34tn by Dec, debt-to-revenue ratio now 72% \u2014LCCI\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigeria\u2019s debt may hit N34tn by Dec, debt-to-revenue ratio now 72% \u2014LCCI &raquo; WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=34416","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=34416#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"Nigeria\u2019s debt may hit N34tn by Dec, debt-to-revenue ratio now 72% \u2014LCCI"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Nigeria\u2019s public debt portfolio could touch N34 trillion, around 23 per cent of its gross domestic product, by year end as Africa\u2019s biggest economy continues to rack up debts and prepares to take a consolidated $1.8 billion credit from a couple of multilateral lenders, the Lagos Chamber of Commerce and Industry (LCCI) said Tuesday. Its&hellip;","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/34416"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34416"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/34416\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}