The Debt Management Office, DMO, has warned the Federal Government against additional borrowing, saying 73.5 per cent of revenue generated this year will be used to service debt.

Senator-elect and business mogul, Jimoh Ibrahim, has explained how Nigeria can repay its debts within 90 days.

A leading civic organisation, BudgIT has lamented that President Muhammadu Buhari’s government of eight years had plunged Nigeria into high debt, increasing inflation and low growth.

The Debt Management Office, DMO, yesterday said the nation’s public debt rose by N6.69 trillion or 22.47 per cent to N46. 25 trillion ($103.11 billion) at the end of  2022 from N39. 56 trillion ($95.77 billion) at the end of December 2021, with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA, highlighting its risk to the economy.

Vanguard News

By FRANCIS OGBIMI I am usually embarrassed listening to leaders in state and federal governments, business men and business women, lawyers, intellectuals, others, beg and cry for capital investments especially Foreign Direct Investments, FDIs, every hour, every day, in Nigeria. Some state governors travel to Europe, America and Asia to beg Europeans, Americans and Asians […]

The Lagos Chamber of Commerce and Industry, LCCI, the Manufacturers Association of Nigeria, MAN, and economy analysts have warned the Federal Government over the rising debt profile and the deteriorating state of the economy, saying they were problematic to economic development.

African Development Bank, AfDB, President, Akinwumi Adesina, has revealed that Africa’s public debt, currently estimated at $546 billion, represents one-quarter of the continent’s GDP and is higher than the combined total annual government revenues of $501 billion.

Chief Olu Falae has said that there was nothing wrong with a government borrowing, but that the right answers must be provided for “for what purpose?” “from who?” and “what are the terms?”.