Nigeria’s debt expected to hit N89.2 trillion by 2023 ending
Nigeria’s debt stock, both local and foreign, is expected to hit N89.2 trillion by the 2023 ending. The belief is that should the World Bank grant Nigeria’s request for $1.5 billion budget support loan, the country’s debt would shoot to $114.9bn or N89.2trn.
The projection however excludes the $1.5 billion budget support loan Nigeria is currently seeking from the World Bank. If granted, the debt stock would rise to $114.9bn or N89.2trn, based on the N776.4/dollar official exchange rate. Also, the projected debt increase is without the plan by President Bola Tinubu to borrow another $7.8bn, and €100m.
Currently, the Debt Management Office (DMO) states the country’s total debt, both domestic and external, as $113.4 billion, approximately N87.4 trillion as of June 30.
Significantly too, Nigeria’s debt figure however is expected to rise by N20.6trn trillion within a five month period, due to the naira devaluation. Based on Nigeria’s official population, each citizen’s share of the debt stands at N418, 779.
