Says delay in formation of cabinet affected economic growthThe Centre for Democracy and Development (CDD) has cautioned President Muhammadu Buhari against plunging the nation into further debt, saying the continuous accumulation of debt appears unsustainable. It said servicing of the debts is already accounting for more than 60 percent of government revenue. The advice was contained in a report released by the organisation on Wednesday in Abuja titled “Fluctuating Fortunes: A 5-year Economy Assessment under the Buhari Administration”. According to the report, the nation’s debt burden is expected to further increase in 2020, especially if government fails to be more decisive in its debt management policies. “In addition, the report refers to how lower government revenue resulting from the “twin shocks” (COVID-19 and Oil) will further saddle Nigeria with a huge debt burden.

Source: The Guardian June 03, 2020 18:00 UTC