Financial Times reported on Monday that many of them continued to be willing lenders, despite the signs that their money might not always have been put to the most productive use.
He expressed worry that the government had been using borrowed cash to patch up holes in budgets, rather than investing in infrastructure or industry, or in efforts to diversify the economy from a heavy dependence on oil. That is well below the average for emerging markets of just under 50 per cent of GDP, according to the Institute of International Finance. But the same presentation showed that the amount spent on servicing government debt, while it had fallen as a share of the government’s gross revenue collection, had risen to an alarming two-thirds of revenues retained by the Federal Government after it had distributed funds to the states, as mandated by Nigeria’s federal system.
'We blame 16 years of PDP'- Buharideens
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