Patience Oniha, director general, Debt Management Office (DMO), says the incoming administration would inherit about N77 trillion as debt by the time President Muhammadu Buhari’s tenure ends in May. Oniha
N6.3 trillion from the Central Bank of Nigeria in the first 10 months of 2022 through ways and means.In
, 2022, the federal government said it will repay the N20 trillion debt owed to the Central Bank of Nigeria with securities such as treasury bills and bonds issuance.Oniha explained that the move by the federal government to securitise the loans from the central bank would drive up the debt to about N77 trillion.as at the third quarter 2022, the federal government plans to borrow more to finance both the supplementary and 2023 budgets.
“There are a lot of discussions on the ways and means. In addition to the significant cost saving in loan service we would get by securitising it, there is an element of transparency in the sense that it is now reflected in the public debt stock,” she said. “Once it is passed by the national assembly, it means we will be seeing that figure included in the public debt. You will see a significant increase in public debt to N77 trillion.
“The other area of the debt stock we are trying to highlight is to say the debt stock is also growing from the issuance of promissory notes, which are not true borrowing as such by the government. “
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.
FG: Incoming Administration Will Inherit N77trn Debt – THISDAYLIVE
Read more »
TheCable's top 10 fact checks of 2022 | TheCableTypical of the thick political clime preceding the 2023 elections, 2022 was swarmed with claims from politicians, propagandists, citizen journalists, and social media influencers. TheCable thoroughly tackled these issues through
Read more »
NMA threatens strike as patient's relatives 'kill' doctor in Delta hospital | TheCableThe Nigerian Medical Association (NMA) has condemned the alleged killing of Uyi Iluobe, a Delta-based doctor, by aggrieved relatives of a patient. The incident is said to have occurred on
Read more »
Tambuwal: PDP has strategies to end banditry, unemployment | TheCableAminu Tambuwal, governor of Sokoto, says the Peoples Democratic Party (PDP) has “workable strategies” to end banditry and unemployment. Tambuwal, who is the director-general of the PDP presidential campaign council,
Read more »
Diesel price hike, naira depreciation -- and other economic shocks of 2022 | TheCable(SMEs) are the lifeblood of the Nigerian economy. Here are 5 of the most significant economic challenges that small businesses faced in 2022
Read more »
Abiodun: Oil exploration in Tongeji Island, Olokola to commence 2023 | TheCableDapo Abiodun, Ogun state governor, says his administration plans to explore oil prospects in Tongeji Island and Olokola in 2023. The governor said this in his New Year message on
Read more »