On Wednesday, Nigeria’s Finance Minister stated that the country’s debt trajectory is sustainable.

The country also announced plans to significantly reduce its debt service-to-revenue ratio this year and has no plans to borrow from international capital markets.

According to the International Monetary Fund (IMF), last year, the Nigerian government devoted 80% of its revenue to debt servicing, a ratio that could potentially rise to 100% this year.

“Eighty percent is not sustainable and our plan is that it is coming down to 60% in 2023,” Zainab Ahmed said in a Bloomberg TV interview, adding that the country expected to produce 1.6 million barrels of oil a day this year.