One third of Nigeria's wealth could be debt financing - DMO The Debt Management Office (DMO) has told the federal government not to ta...

 

One third of Nigeria's wealth could be debt financing - DMO

The Debt Management Office (DMO) has told the federal government not to take on any more debt because 73.5% of the country's income will be used to pay off debt this year.

Reuters heard from the National Debt Office that the country's debt could reach 37.1% of its gross domestic product this year. This is up from 23% last year. at the end of the year 2022.

The office said that the new debts from other countries and the loan from the country's central bank were to blame for the expected rise in debt.

Last month, 30 days before the end of the Buhari government, the Nigerian National Assembly approved a sum of $50 billion from the country's central bank. This was done in order to increase the budget and start development projects. ground.

As of December 2022, all of Nigeria's debts add up to $103 billion, which is 46 trillion Naira.

Bola Tinubu, the country's new president, is having trouble with debt, low economic growth, inflation, and the cost of living. He hopes to make changes that will fix the economy.