Nigeria rising debt profile fit cause wahala for incoming government – Experts
Nigeria rising debt profile without proportional infrastructural development don be great concern to many Nigerians.
For economic experts, di situation go spell destruction for people wey go enter government after President Muhammadu Buhari comot from May 29, 2023.
E neva too tey wey di Debt Management Office, DMO, yarn say Nigeria total debt stock go hit N77tn in May 2023 if di National Assembly say okay to Buhari administration 23.8 trillion Ways and Means Advances.
Unlike di Central Bank Act of 2007 (Section 38.2), wey cap advance to di Federal Government of Nigeria for 5 percent of last year revenues, di country apex bank don give FGN 55.3 trillion ways, and means advance since Buhari enter office.
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Meanwhile, di Federal Government yarn ay deem pend over 80 percent of di revenue on debt servicing for di first eleven months of 2022.
Former CBN Governor, Sanusi Lamido, Deputy CBN Governor, Kingsley Moghalu and economist Doyin Salami bin get different meeting, hin accuse di bank say dem go against di law.
Di Minister of Finance and Budget and National Planning, Mrs Zainab Ahmed, yarn say no cause for alarm over Nigeria rising debt profile because di nation no get record of default.
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