World Bank projects 102% debt service, revenue for Nigeria

World Bank has said that public debt in Nigeria is concerning due to the rising debt service-to-revenue ratio.

According to the bank, economic growth was subdued in Nigeria, with annual growth slowing from 3.6 per cent in the first quarter of 2022 to 3.4 per cent in the second quarter.

It added that the debt service to revenue ratio could stand at 102.3 per cent by the end of 2022.