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.[logo-slider]