The Debt Management Office (DMO) says Nigeria's debt service-to-revenue ratio in 2023 stands at 73.5 percent, describing the figure as unsustainable and a threat.
June 23, 2023 3:55 PMThe Debt Management Office says Nigeria’s debt service-to-revenue ratio in 2023 stands at 73.5 percent, describing the figure as unsustainable and a threat.
The report also listed promissory notes issuance of N2.87 trillion in the debt stock under the baseline scenario. “Under the alternative scenario, the total public debt-to-GDP ratio at 45.4 percent in 2023 exceeds Nigeria’s self-imposed debt limit of 40 percent. ““The baseline analysis projects total public debt-to-GDP ratio at 37.1 percent for 2023, indicating a borrowing space of 2.9 percent when compared to the self-imposed limit of 40 percent.” the debt agency added.“But it is recommended that this should not be used as a basis for higher levels of borrowing as was the case in the 2023 budget.
“Attaining a sustainable FGN debt service-to-revenue ratio would require an increase of FGN revenue from N10.49 trillion projected in 2023 budget to about N15.5 trillion,” the agency said.
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