• About
  • Advertise
  • Careers
  • Contact Us
Monday, June 23, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

‘Watch Debt Profile, Control Expenditure,’ WTO DG Warns Nigeria

by Justice Godfrey Okamgba
May 16, 2023
in Finance
0
Debt Profile
Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala
UBA
Advertisements
The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has cautioned the Nigerian government about the alarming debt service to revenue ratio and urged the 36 state Governors to control expenditure and watch their debt profiles.

She made this call during the induction program for re-elected and elected governors organized by the Nigeria Governors’ Forum (NGF) on Monday, May 15, 2023, in Abuja.

“The debt service to revenue ratio is certainly alarming, at 83.2 per cent in 2021 and 96.3 per cent in 2022, according to the World Bank. This means that at the federal level, after servicing our debt there is little room to pay for recurrent expenditures, let alone investment,” Okonjo-Iweala said.

“Excellencies, please watch your debt profiles, and keep careful control of expenditures, even as you invest in infrastructure, education, and basic health systems. Please endeavor to pay teachers, health workers, and others their salaries, and retirees their pensions.”

During her speech on the theme “Task of Nation Building,” the WTO boss painted a bleak picture of the nation’s economy, urging the governors to adopt best practices that can assist them in fulfilling their promises to the electorate.

“Nigeria’s gross debt has risen significantly from N19.3 trillion in 2015 to $N91.6 trillion in 2023, with the debt-to-GDP ratio almost doubling from 20% to 39%,” she said. “While the debt-to-GDP ratio may not look so alarming, as revenues decline, the burden of debt servicing has increased dramatically.”

Okonjo-Iweala emphasized the importance of paying salaries, pensions, and investing in infrastructure, education, and health systems while urging caution in debt profiles and expenditure control.

On the country’s economic activity, Okonjo-Iweala stated, “The International Monetary Fund projects 3.2 per cent Gross Domestic Product growth this year and 3 per cent next year – slightly better than global growth but underperforming the projected growth rates for sub-Saharan Africa as a whole, which are at 3.6 per cent and 4.2 per cent respectively.”

She further added, “The current GDP growth rates are higher than the very low 1.2 per cent average annual growth rate registered between 2015 and 2019, the five years before the pandemic, but well below the 6.4 per cent average for the preceding five-year period, from 2010 to 2014.”

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: CBNDebt ProfileGDPWTO
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
Borrowing

Borrowing is Leaving a Fiscal Hangover in Nigeria’s Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

MALA Introduces Digital Directory

MALA Introduces Next-Level Digital Directory for African Businesses

2 years ago
PPC and automation

PPC Highlights Role of Automation in Regulatory Standards Compliance

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.