Peter Obi, Tinubu, Atiku, Any Incoming Administration Will Inherit N77trn Debt

Nigeria’s public debt burden may hit N77tn if the National Assembly approves the request by President Muhammadu Buhari, to restructure the Ways and Means Advances.

Thee Ways and Means Advances is a loan facility through which the Central Bank of Nigeria finances the shortfalls in the government’s budget.

This is as the Federal Government spent N5.24tn servicing debts in 2022.

The Director-General of the Debt Management Office, Patience Oniha disclosed this on Wednesday during the public presentation of the 2023 budget organized by the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed.

She, however, noted that the debt would be N70tn without N5tn new borrowing and N2tn promissory notes.

Oniha said, “The DMO released the figure for the country’s debt stock as at September, you don’t expect it to be significantly different from December. Secondly, there are a lot of discussions on the Ways and Means. In addition to the significant costs saving in loans service we would get by securitizing it.

“There is an element of transparency in the sense that it is now reflected in the public debt stock. Once it is passed by the National Assembly, it means we will be seeing that figure included in the public debt. You will see a significant increase in public debt to N77tn.”

She said while the debt is growing because there is new borrowing, revenue is receiving significant importance.

“Like DMO always says, you can’t talk about debt without talking about revenue. We need the two to work together,” she added.

The FG’s huge appetite for borrowing under the current regime had worsened the debt position as the country’s debt stock rose to N44.06tn as of September last year.

The DMO and the government had come under attacks from experts and key stakeholders in the economy over the country’s rising debt levels.

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Posted: at 5-01-2023 12:44 PM (1 year ago) | Addicted Hero

If you know what this government is looting from the masses on daily base, is it tax, vat, unnecessary hike in pms you name it for just per day. We can just only pray for God to open our eyes for a deliverer come Feb 2023 because some persons are already thinking of how to buy their bondage for another 8yrs

Posted: at 5-01-2023 01:30 PM (1 year ago) | Addicted Hero

Stubborn in the face of the facts as aalwaaaysssss........You're irredeemable!

Posted: at 5-01-2023 01:36 PM (1 year ago) | Gistmaniac

The guy na Azen,make una no mind him,let him keep hiding,he and his cohorts will be put to shame this February, except their APC people rig the election

Posted: at 5-01-2023 01:51 PM (1 year ago) | Gistmaniac

And plenty of money generating solid infrastructures on ground to service the debt. Lazy, opportunistic politicians, please put things in balanced context. It is not always necessary to make cheap political shots. It is largely for these deliberate deceptions of the public that you won't win the coming election and you won't become president of NGR. You won't.

Posted: at 5-01-2023 04:27 PM (1 year ago) | Gistmaniac

please let's  be obi-dient, together  we'll fight our common enemies pdp and apc the predators of Nigerians

Posted: at 6-01-2023 01:34 PM (1 year ago) | Upcoming