Nigeria’s debt profile to hit N77trn by May 29

Nigeria’s total debt figure will jump to 77 trillion if the National Assembly reconsiders President Muhammadu Buhari’s request for N22.7 trillion ‘Ways and Means’ loan.

The Director General of the Debt Management Office, Patience Oniha disclosed this on Wednesday during the public presentation of the 2023 budget by the Ministry of Finance, Budget and Planning.

She stated that the government should support borrowing with revenue generation because both work together.

“There is an element of transparency now reflected in the public debt stock. Once the National Assembly passes it, we will see that figure included in the public debt. You will see a significant increase in public debt to N77tn,” she said.

Late last year, the Senate suspended the government’s ‘Ways and Means’ loan request.

But, shortly after Buhari signed the N21.83 trillion 2023 national budget into law days back, the Senate president, Ahmad Lawal, pledged that the National Assembly would reconsider the suspended request.

As of September 2022, the country’s total debt stock rose to N44.06 trillion, according to DMO.

Meanwhile, economic experts have raised the alarm over Nigeria’s rising debt burden, particularly as it affects the policy thrust of the incoming administration.

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