Flingpord

  Against the backdrop of a bleak economic future for Nigeria painted by the World Bank recently, the Peoples Democratic Party Presidential Campaign Council has said the report justifies the need to have its candidate, Atiku Abubakar, elected president of the country to address the nation’s many challenges. World Bank’s lead economist for Nigeria, as saying that in 2023, debt servicing will gulp  123.4 per cent of the country’s total revenue . Sienaert had stated this in a presentation titled ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and Sustainable Development Results’ for the month of November. “Borrowing more is not the solution: debt costs are rising rapidly, squeezing non-interest spending,” he said, adding that “debt servicing has surged over the past decade and is expected to continue increasing over the medium-term, crowding out productive spending.” Responding in a statement to the presentation, spokesman of the campaign council, Senator Dino Melaye...