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Nigeria’s Public Debt May Hit N78.1trn With 2023 Budget

 

Nigeria’s public debt may rise to as high as an unprecedented N78.1 trillion if the Federal Government ’s planned deficit borrowing in the 2023 budget is fully actualized.

NewsBeatng reports that the federal government plans to borrow N7.04 trillion from Domestic sources and another N1.76 trillion from Foreign sources while the balance of N1.77 billion is targeted at Multi-lateral/bi-lateral loan drawdowns.

However, the Director General of the Debt Management Office, Patience Oniha weighed in on the notion that the current government could hand over debts in excess of N70 trillion to the next government when it hands over this year.

According to Oniha, “the estimated figure (N77 trillion) can be expected only if the Ways and Means Advances from @cenbank are securitized.

” Nevertheless, it should be noted that the securitization will enhance debt transparency as the @DMONigeria will then be able to include the debt in the total public debt stock.”

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