The United Nations has said that Nigeria’s rising debt, increasing inflation rate and its impact on the welfare of the citizens, puts the nation at risk of declining economic growth in the year 2024.
This was contained in the United Nations World Economic Situation and Prospects report for 2024 projects revealing that Nigeria’s inflation rate stood at twenty-eight point two percent, with a debt profile of about eighty-seven point three eight trillion naira by the second quarter of 2023 from forty-nine point eight five trillion naira in first quarter.
According to the National Bureau of Statistics, this amounts to about a seventy-five point three five percent increase.
The United Nations also estimated an increase in Nigeria’s growth rate, from two point nine 2.9 percent in 2023 to three point one percent in 2024.
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