Nigeria, April 13 -- Nigeria's external debt to total revenue increased from 8 per cent in 2011 to 400 per cent in 2020, a former governor of the Central Bank of Nigeria (CBN) , Sanusi Lamido, has said.

Mr Sanusi lamented the situation last Thursday while participating in an online roundtable discussion tagged: "Debt Relief for a Green and Inclusive Recovery in Nigeria", organised by Heinrich Boll Foundation.

The former CBN governor said Nigeria has a debt services ratio of up to 90-96 per cent but there are certain other elements of debts that analysts have not paid attention to.

He said: "If you go through the CBN statistical bulletin, in 2011, the total federally collected revenue from all sectors was 18.9 trillion Naira at 165 Nair...