MEMBERS of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have called on the Federal Government to reduce recurrent expenditure in order to curtail the rising trend of the nation’s debt, warning that the N26 trillion debt level poses risks to future economic growth.
Nigeria’s total public debt rose by 17 percent year-on-year to N26.2 trillion on September 30, 2019 from N22.4 trillion on September 30, 2018.
This trend, according to MPC members, is worrisome and poses significant challenge to effective management of the economy. Their views were contained in the personal statements at the last meeting of the committee held last month.
