The International Monetary Fund, IMF, has projected Nigeria’s public debt to Gross Domestic Product, GDP, ratio to reach 46.6 percent in 2024, and 46.8 percent in 2025.
According to the IMF, large shares of loans on concessional terms, high inflation, and resulting favorable interest-growth differentials had helped contain average public-debt-to-GDP ratios in low-income developing countries, at around 50 percent of GDP since 2020, on average. “In Nigeria, the debt-service burden amounts to around 56 percent of tax revenues. Such high debt-servicing costs prevent low-income developing countries from spending more on essential services and critical investment to improve economic resilience and reduce poverty.
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