The monetary policy committee of the Central Bank of Nigeria (CBN) has warned that the federal government’s debt levels could be fast approaching the pre-2005 levels.
Reading the communique of the committee’s decision at the end of its bi-monthly meeting on Tuesday, Godwin Emefiele, the CBN governor, said: “On external borrowing, the committee noted the increase in debt level advising for caution, noting that it could fast be approaching the pre-2005 Paris Club level.”
On October 20, 2005, Nigeria reached an $18 billion debt relief agreement with Paris Club. Nigeria was required to pay $12.4 billion of its $30 billion debt stock in three tranches.
Ngozi Okonjo-Iweala, who was the minister of finance at that time, led the Nigerian delegation while Xavier Muscat, chairman of the Paris Club, led the 15-member club to sign the agreement.

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