Issues News Politics

The Debt of Nigeria is set to hit 77TN Amid Rising Repayment Burden – DMO

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

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

She expressed  that the government should support borrowing with revenue generation as it  works  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  great increase in public debt to N77tn,” she stated

as of  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.

The country’s total debt  record  rose to N44.06 trillion, according to DMO,as of September 2022,

inorderwords ,the  economic experts have raised the alarm over Nigeria’s rising debt burden.

See also  Buhari names largest railway complex in Itakpe-Warri route after Jonathan