July 07, (THEWILL) – A chartered accountant, financial analyst and lecturer with the Plateau State Polytechnic Barkin-Ladi, Mr Timkat Peter has urged the government to urgently address the country’s mounting debt currently at 52 per cent to the GDP.
According to him, “It’s astonishing that Nigeria, a country rich in resources, has a debt ratio of 52% of its GDP. This staggering amount indicates a concerning departure from international standards.”
“This high debt level has severe implications for economic growth, development, and future generations. It limits the government’s ability to invest in public services, infrastructure, and social programs. Urgent action is necessary,” he said.
He also urged the President Ahmed Tinubu to address food insecurity through the agriculture and rural transformation agenda for the survival of the citizens.
Other recommendations he made include effective debt management strategies, diversification of the economy, promotion of economic growth, education and skills development for a competitive workforce and ensuring transparency and accountability in government.
He explained further that focus on production and consumption of local goods will boost the economy and create jobs.
He said, “As it is now we must learn from countries that have achieved economic prosperity through effective resource management. Our leaders must prioritize national interests over personal gains. It’s time for urgent action to address Nigeria’s debt crisis.
