Nigeria Needs $10bn Annually To Address Infrastructure

billion annually over the next 10 years to address its
infrastructural deficits, Dr Abraham Nwankwo, the Director-General, Debt
Management Office (DMO), said.

Briefing newsmen after a meeting of the Supervisory Board of
the DMO at the State House, he said that a developing nation like Nigeria would
record faster economic growth if there was a consistent flow of investment and
loans to address developmental challenges.

“As you know, Nigeria has huge infrastructural deficits and
experts have estimated that it requires a minimum of 10 billion dollars (about
N1.5 trillion) inflow per annum to close its infrastructural deficits over the
next 10 years.

“Government is finding ways of making sure that we maximise
our internal revenue for the purpose of funding our various needs, including
infrastructure.

“That is why you can see that there has been a lot of
improvement over the last two years in revenue collections from various
sources, including the Customs and the Federal Inland Revenue Service, among
others,” he said.

The DMO boss, who noted that the nation’s debt profile was
N6.3 trillion for domestic debt and 6.29 billion dollars for external debt,
however, stressed that the debt profile was sustainable.

“There is nothing wrong in borrowing and incurring debts as
long as the funds are judiciously and prudently used to finance projects that
would be beneficial to the people, while measures are taken to reduce waste,”
he added.

“Government is trying to ensure that we manage our internal
revenue and also take measures to reduce waste.

“Nigeria public debt will continue to be sustainable but
everything should be done to ensure that the (government’s) transformation
programme is on course,” Nwankwo said.

The meeting was presided over by Vice-President Namadi
Sambo.