President Buhari Passes N46 Trillion Debt Burden to Incoming Government
Nigeria’s Debt Stock Hits Record High at N46 Trillion – President Buhari Passes N46 Trillion Debt Burden to Incoming Government.
The Debt Management Office, DMO, has announced that Nigeria’s total debt stock has now skyrocketed to a staggering N46 trillion.
President Muhammadu Buhari has, unfortunately, passed on this huge debt burden to the incoming government.
Speaking with DAILY POST on 24th April, Prof. Bongo Adi, a Professor of Economics at Lagos Business School said the debt incurred by Buhari’s government had mortgaged the future of the country through heavy obligations.
According to him, the coming days would be difficult for the Nigerian economy because Buhari has left the country broke.
However, he suggested that the only viable option is for the incoming government to seek loan renegotiation, as it is the practice internationally, provided the government has credibility.
This news comes amid further reports that the government has secured approval from the World Bank for another N369 billion loan ahead of the removal of fuel subsidy in June 2023.
The administration has been accused of relying heavily on loans to finance infrastructure development projects.
In the past eight years of President Buhari’s administration, Nigeria’s debt profile has continued to balloon from N12.6 trillion in 2015 to over N46 trillion in 2023.
Financial analysts have expressed their concerns over the country’s ever-increasing debt profile, which could have serious implications for the economy and future generations.
The incoming government will have to develop a robust and sustainable plan to tackle Nigeria’s mounting debt and ensure fiscal responsibility to prevent the country from sliding deeper into debt.
