CBN cautions against rising debt… raises CRR to 27.5%, retains 13.5% lending rate

CBN cautions against rising debt… raises CRR to 27.5%, retains 13.5% lending rate



Ifeanyi Onuba, Abuja
The Monetary Policy Committee of the Central Bank of Nigeria on Friday cautioned the Federal Government against the rising debt level in the country.
The committee urged the Federal Government to build fiscal buffers to cushion the impact of oil price decline on the economy.
In October 2005, Nigeria and the Paris Club announced a final agreement for debt relief worth $18bn and an overall reduction of Nigerias debt stock by $30bn.
The deal was completed on April 21, 2006 when Nigeria made its final payment and its books were cleared of any Paris Club debt.
Based on statistics…



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