Industrial revolution: FG, private sector seal fresh pact

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has described the country’s huge domestic debt profile as worrisome.

The Coordinating Minister of the Economy made the statement at a consultative meeting with the organised private sector and civil society organisations on the 2013 budget in Lagos on Monday.

She said, “We need to slow down the rate of borrowing domestically, it is worrisome. The interest rate at which the Federal Government is raising debt at the moment is high; we are raising debt at 15 per cent, which is on the high side.

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