Nigerian Govt urged to issue more Euro bonds to ease nation’s debt profile

An Economist, Mr Boniface Okezie, has urged the Federal Government to issue more Euro bonds to bring the country’s debt profile within manageable level.

Okezie, who is the President of Progressive Shareholders Association of Nigeria, gave the advice in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.

He said that although the debt represented 18.20 per cent of Nigeria’s GDP for 2017, issuing of more Euro bonds would ameliorate its impact, especially the domestic debt.

According to him, the approach is crucial to freeing domestic banks and putting them in better position to issue credit facilities to entrepreneurs.

He also advised the various tiers of government not to borrow too much money, especially now that oil prices had surged in the international market.

“Our current political office holders should not be piling up debt for the yet unborn generation without any physical infrastructure to show for the borrowing.

“The continuation of this without other funding alternatives will spell doom for those yet unborn because it will put them in perpetual slavery,” he said.

The Debt Management Office said on March 14 in Abuja that Nigeria’s total debt profile rose by 25 per cent to N21 trillion at the end of 2017 from N17.36 trillion in 2016.

According to the Director General, Mrs Patience Oniha, the total public debt as at Dec. 31, 2017 represents 18.20 per cent of Nigeria’s GDP for 2017.

“This shows that Nigeria’s debt continues to be sustainable and well within the threshold of 56 per cent for countries in Nigeria’s peer group,” Oniha said.