Buhari To Leave ₦77 Trillion Debt For Successor – DMO

Posted by Nwa Diokpa Latest Headlines, News Across Nigeria Thursday, January 5th, 2023

(AFRICAN EXAMINER) – The debt management office (DMO) has stated that the outgoing administration of President Muhammadu Buhari will be leaving behind a debt of ₦77 trillion.

The Director General (DG) of the Debt Management Office (DMO), Ms Patience Oniha, disclosed that the present administration will be passing on a total national debt fund of around ₦77 trillion in May.

According to Oniha, who spoke at the “Public Presentation and Breakdown of the Highlights of the 2023 Appropriation Act” in Abuja, stated that if the National Assembly (NASS) approves the ‘securitisation’ of the ₦22.7 trillion Ways and Means debt secured from the CBN, the cost of servicing the loan would be low.

She said: “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.

“While the debt is growing because there is new borrowing, revenue is receiving significant attention.

“Like DMO always says, you can’t talk about debt without talking about revenue. We need the two to work together.”