The United Nations has said that Nigeria’s increasing public debt, persistent inflation as well as rising cost of living pose serious risks to the country’s economic growth in 2024.
The inflation rate of Africa’s largest economy currently stands at 28.2 per cent. The country has a public debt of N87.38 trillion, according to data from the national statistical office.
In its “World Economic Situation and Prospects 2024” report, the UN noted that “ballooning public debt, persistent inflation, and a rising cost of living, together with a weak business environment, will pose a downward risk to growth prospects” in Nigeria.
With the latest report, millions of Nigerians are curious to see how President Bola Tinubu would navigate the impending economic turbulence. In a New Year’s Day televised broadcast, Tinubu assured Nigerians of better days as he fights to save the country from “fiscal catastrophe.”
Read more: https://punchng.com/nigerias-economic-growth-may-decline-in-2024-un/
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
