The outgoing administration of President Muhammadu Buhari will be leaving behind a debt of N77 trillion.
POLITICS NIGERIA reports that the outstanding payments will be made up of N44.06 trillion total debt stock as of the third quarter of 2022, N22.7 trillion Ways and Means borrowed from the Central Bank of Nigeria (CBN), projected new borrowings of N10.57 captured in the 2023 budget, and issuance of promissory notes.
The Director General (DG) of the Debt Management Office (DMO), Ms Patience Oniha, projected that the Buhari administration will be passing on a total national debt fund of around N77 trillion in May.
The DMO helmsman who spoke at the “Public Presentation and Breakdown of the Highlights of the 2023 Appropriation Act” in Abuja on Wednesday argued that if the National Assembly (NASS) approves the ‘securitisation’ of the N22.7 trillion Ways and Means debt secured from the CBN, the cost of servicing the loan would significantly reduce.
“The other area of the debt stock we are trying to highlight is to say, the debt stock is also growing from the issuance of promissory notes which are not true borrowing as such by the government.
“While the debt is growing because there is new borrowing, revenue is receiving significant attention.
“Like DMO always says, you can’t talk about debt without talking about revenue. We need the two to work together,” she said.
THIS IS VERY DANGEROUS