HomePoliticsNigeria’s Debt Profile Surges to N80trn Under Buhari Govt

Nigeria’s Debt Profile Surges to N80trn Under Buhari Govt

Nigerians have raised eyebrows with the country’s total debt stock racing to over N80 trillion as they expressed their concerns over it.

Stakeholders are of the view that Nigeria’s economy is in an emergency situation and on the verge of collapse if nothing is done to salvage the situation.

ANN recalls that the Debt Management Office has consistently dismissed fears surrounding Nigeria’s increasing debt profile, but economic analysts have never kept mum, signalling the alarm bell over the situation.

DMO, in its Fourth Quarter report of 2022, said Nigeria’s total debt hovers around N46.25 trillion.

Specifically, the total domestic debt stock was N27.55 trillion, while external debt stock was N18.70 trillion (USD 41.69 billion) as of December 2022.

Meanwhile, with the recent borrowing spree by the federal government and the National Assembly’s approval of the Central Bank of Nigeria’s Ways and Means advance to the federal government, the Nation’s external and internal wealth could have surpassed N80 trillion.

At the inauguration of President Muhammadu Buhari’s administration in 2015, the country’s debt stock had continued to soar, rising from N12.6 trillion to over N80 trillion as the government prepares for exit on May 29.

It is evident that in the eight years of Buhari’s administration, borrowing to fund yearly budget deficits became routine. Here, the projected budget deficits from 2015 to 2023 are estimated to be over N47.73 trillion, according to an analysis from the Debt Management Office, DMO’s data.

Accordingly, Nigeria’s budget deficit rose by 370.54 per cent from N2.41tn in 2016 to N11.34 trillion in 2023.

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