The Nigeria Extractive Industries Transparency Initiative, NEITI, has expressed concern over Nigeria’s level of indebtedness, declaring that Nigeria’s debt in relation to revenues appears to have reached critical levels.
NEITI, in its latest Quarterly Review, which focused on disbursement from the Federation Accounts and Allocation Committee, FAAC, disclosed that a total of N513 billion was spent on debt servicing by the three tiers in the first quarter of 2017, compared to total disbursements of N1.276 trillion.
This means that debt servicing took up 40.27 per cent of FAAC disbursement for the first quarter of this year.
