She disclosed this in Washington at a media interview on the sidelines of the ongoing annual meetings of the World Bank and IMF, adding that debt restructuring is needed to tackle rising debt service costs of the FG.
The situation we have by the 2023 projection is that we will be needing to use about 65 per cent of our revenues to service debt. "We have been engaging financial institutions to look at the opportunity to restructure our debt to further stretch the debt service period to give us more fiscal relief. Those are some of the things we want to achieve in this meeting."
She said:"On the borrowing side, it means that we are having to use more of our naira to pay debts that are dollar-denominated and as the dollar strengthens and the interest rate goes up globally, it affects us so we end up having to use more of our revenues to pay the debt.