Emir of Kano raises alarm over debt in Nigeria

The Emir of Kano, Muhammadu Sanusi II has raised an alarm over the increasing debt in the country.

The traditional ruler, who was the speaker at the second Kaduna Investment Summit, stated that among other oil-producing countries in Africa, Nigeria is the only one, borrowing domestically to fund current expenditure.

He added that the growth of Nigeria was driven largely by rising commodity prices and debt, and the module has reached the logical limit with the collapse in oil price.

Quoting the International Monetary Fund (IMF), the monarch said the Federal Government of Nigeria is spending 66% of its interest revenue on debt, which means only 34% of its revenue is available for capital expenditure, recurrent expenditure and development.

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