In the past few days the media has been awash with news about the huge debt burden that the incoming government in May 29, would inherit from the President Muhammadu Buhari administration. This is coming as President Muhammadu Buhari signed the 2023 budget of 21.83 trillion Naira into law and said the country would pay […]
In the past few days the media has been awash with news about the huge debt burden that the incoming government in May 29, would inherit from the President Muhammadu Buhari administration. This is coming as President Muhammadu Buhari signed the 2023 budget of 21.
The bulk of the new borrowings is drawn from a loan-to-bond swap from the Central Bank of Nigeria , and new borrowings to fund the 2023 budget. And contrary to some misconception, the country’s total debt stock comprises both domestic and external borrowings of the Federal Government, the 36 state governments as well as the Federal Capital Territory .
“Taking into account a number of on-going activities, the total public debt stock; that is the external and domestic debts of the Federal Government, the 36 state governments and the FCT would be about N77 trillion. “It also includes new Promissory Notes estimated at N1.5 trillion to be issued to settle arrears of the FGN and judgement debts,’’ she said.“From these figures, it is clear that the Ways and Means Advances of N22.72 trillion which represents funds already spent, is the largest source of the increase,’’ Oniha said.
The Minister of Finance, Budget and National Planning, Zainab Ahmed explained that when the Ways and Means gets legislative backing, it would help reduce the current interest on it to about nine per cent, while also stretching repayment period to about 40 years. She said that the government would, however, continue to utilise appropriate debt management tools to streamline the cost and risk profile in the debt portfolio.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Muoka declares 2023 year of dominion, restoration, miracles | The Guardian Nigeria News - Nigeria and World NewsThe General Overseer of the Lord’s Chosen Charismatic Revival Ministries, Pastor Lazarus Muoka, has declared 2023 as ‘a year of dominion, restoration, great explosion by grace and miracles, especially for the chosen ones.”
Read more »
Moviedom 2022/2023: From the horses’ mouth | The Guardian Nigeria News - Nigeria and World NewsIt is a few days into January and it is time for stock taking across industries. Nollywood is not left out. Moviedom presents views of some leading practitioners on Nollywood in 2022 and their expectations in 2023. It is the first diet……. Award Winning Actor Segun Arinze: ‘We Need More Of Government Intervention In Nollywood’ […]
Read more »
Adeleke lauds military for peace, stability in Nigeria | The Guardian Nigeria News - Nigeria and World NewsOsun State Governor, Ademola Adeleke, yesterday, applauded members of Nigeria’s Armed Forces for their contributions to peace and stability of Nigeria. He urged Nigerians to appreciate the efforts of the military in stabilising the nation...
Read more »
With detribalised president, Nigeria can rise again — Ighele | The Guardian Nigeria News - Nigeria and World NewsMy New Year Message to Nigerians is that people should learn to know their rights and fight for their rights. A lot of Nigerians are living in ignorance.
Read more »
Blood Will Flow; Riots, Burning Of Government Property To Continue – Nigerian Cleric Releases 2023 Prophecies, Warns Against Night Journeys | Sahara ReportersThe Vice President of The Apostolic Church, Nigeria, Pastor Emmanuel Awojide, has stated that more government infrastructure would be razed in 2023, by those trying to hide their secrets. Awojide, who made this known in a release of fresh prophecies for 2023, while addressing church members disclosed that blood would flow in Nigeria in 2023. The cleric also predicted riots across Nigeria in 2023, assuring Nigerians that God would not allow those with evil agendas to prevail in the country.
Read more »
Optimising local air transport for rebound, growth | The Guardian Nigeria News - Nigeria and World NewsSince the pandemic recovery phase got on the way two years ago, no other year has been tagged as ‘fundamental’ to global aviation as 2023. It is the year major airlines will return to the path of profitability – no matter how small.
Read more »