Telecommunication giant, MTN Nigeria has expressed its disappointment in the President Muhammadu Buhari-led administration, as it revealed the core issues plaguing the government.
Speaking at an economic forum organised by the Financial Derivatives Company (FDC) on Monday, December 5, 2022, General Manager Strategy and Innovation, MTN, Babalola Oyeleye lamented Nigeria’s debt burden, saying there are problems that may not start to manifest until five to 10 years later.
Noting that Nigeria’s debt burden is problematic considering the country’s revenue, the MTN chief said the cost of governance under Buhari’s watch is worrisome.
“The cost of governance in Nigeria is one of our fundamental issues. We are looking at a deficit in the next three to four years, so our interest expenses as a nation and our debt are growing exponentially compared to our revenue.
“One of the things we need to look at as a country is why we are spending so much money. And that money is not necessarily on capital projects and infrastructure, it is being spent on operating expenses and it is a substantial problem for the country.
“It may not be a problem we would see now, but it is a problem that may manifest in another five to ten years. The debt level is out of this world,” Oyeleye maintained.
MTN laments debt burden
Following MTN’s lamentation about Nigeria’s debt profile, BizWatch Nigeria cited data from the Central Bank of Nigeria (CBN), which revealed that the total public credit facility was running in the billions of dollars.
According to the CBN data, the total public debt is an estimated $151.3 billion as of June 2022.