President Muhammadu Buhari would pass on the N46.25 trillion debt burden to the incoming government. According to the Debt Management Office, DMO,
According to the Debt Management Office, DMO, Nigeria’s total debt stock has hit 46 trillion.
The Federal Inland Revenue said it collected N10 trillion in revenue in 2022, with a 2023 budget expenditure of N21.83 trillion pegged on deficits of N11.34 trillion.On this ground, the onerous task of surmounting the country’s economic challenges would be shouldered by Tinubu after his swearing-in on May 29, 2023.Speaking with DAILY POST on Monday, Prof.
“There is nothing else to talk about; Nigeria is broke. The coming days are not going to be nice at all. Because if you look at the horizon with this kind of debt, we are not bleeding only from the financial side but all ramifications. “The only thing I can tell you is to renegotiate our debts; however, for anyone to listen, there must be credibility. Now will the incoming government assemble credible individuals?
He said this was what Brazil and India did that attracted Foreign Direct investment into their countries. “It continued borrowing such that towards the end of the administration, debt cost rose as high as the revenue. It is threatening the fiscal outlook of the country that by the time you pay interest on them, you won’t have anything left.
From another perspective, the CEO of SD & D Capital Management, Mr Idakolo Gbolade said the incoming government must be ready for serious business because much damage has been done to Nigeria’s economy. “The new government needs to devise ingenious ideas to avoid a debt trap similar to Kenya by ensuring that urgent measures are implemented to increase revenue and cut waste.
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