Nigeria’s total debt figure will will leap to 77 trillion if the National Assembly reconsiders President Muhammadu Buhari’s solicitation for N22.7 trillion ‘Ways and Means’ loan.
Thee Ways and Means Advances is a loan facility through which the Central Bank of Nigeria finances the shortfalls in the government’s budget.
The Director General of the Debt Management Office, Patience Oniha unveiled this on Wednesday during the public presentation of the 2023 budget by the Ministry of Finance, Budget and Planning.
“There is an element of transparency now reflected in the public debt stock. Once the National Assembly passes it, we will see that figure included in the public debt. You will see a significant increase in public debt to N77tn,” Oniha stated.
According to the DMO DG, as of September 2022, the country’s total debt stock rose to N44.06 trillion. She advised that the government should support borrowing with revenue generation because both work together.
After President Buhari signed the N21.83 trillion 2023 national budget into law days back, the Senate president, Ahmad Lawal, pledged that the National Assembly would reconsider the suspended request.
