Alteration Of 2023 Budget: Federal Govt At Crossroads, Says Debt Profile May Hit N72trn

Afimag.com –

The federal government has shown utmost concern about the nation’s rising debt stock.

The Director-General of Debt Management Office, Ms Patience Oniha, said the Nigerian debt would rock N72 trillion with the new borrowing in the approved 2023 national budget.

Currently, the Nigeria’s total debt stock was at N44 trillion as at September 2022. The public debt is an aggregation of federal government, 36 state governments and the Federal Capital Territory debts.

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She said, “If you add the new borrowing, again, the budget is for the full year, it’s not like we are tying the new borrowing in the budget to be raised before the end of this administration.

“Certainly, some part of that could be done; give or take – depending on market conditions – N5 trillion. So, we are looking at about N72 trillion at about June; again, depending on market conditions.

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The DMO DG said the figure may not record a significant increase as the debt information for the last quarter of 2022 was released as a result of much borrowing in September.

“So, it won’t be significantly different,” Oniha said yesterday at the public presentation and breakdown of the highlights of the 2023 Appropriation Act in Abuja.”