Nigeria debt profile is expected to hit N77 trillion as President Muhammadu Buhari leaves office in five months’ time.

Patience Oniha, director general of Debt Management Office, disclosed this at the public presentation and breakdown of the highlights of the 2023 Appropriation Act in Abuja on Wednesday.

“There are a lot of discussions on the ways and means. In addition to the significant cost saving in loan service we would get by securitising it, there is an element of transparency in the sense that it is now reflected in the public debt stock,” Mrs Oniha mentioned. “Once it is passed by the National Assembly, it means we will be seeing that figure included in the public debt. You will see a significant increase in public debt to N77 trillion.”

Nigeria’s debt profile rose to over N44 trillion under Mr Buhari’s watch in September.

On Tuesday, Mr Buhari signed Nigeria’s budget into law, after the National Assembly passed the N21.83 trillion 2023 Appropriation Bill.

The budget breakdown shows the country has a total revenue N9.73 trillion, with a deficit of almost N12.00 trillion, indicating the Buhari regine will engage in massive borrowing to fund the budget.

“This budget will lead to loss of jobs, massive inflation. It will lead to a collapse of the exchange rate,” Pat Utomi, a professor of Political Economy, warned. “The reasons are very simple, this is a budget of debt service.”

https://gazettengr.com/buhari-will-leave-n77-trillion-debt-behind-dmo/

Mynd44 Lalasticlala

This is the exact modus operandi of the party based on its founding fathers, if you’ve been paying attention.

1. Borrow so much money
2. Embezzle most of the money, invest the remaining on construction projects, settle your friends and cronies, then hire media image launderers to broadcast to the nation that you developed the state or country

If that party smells Aso Rock again, that debt profile could rise to N600 Trillion with very little to show for it.

You people shouting Emilokan up and down don’t know what you’re setting yourselves up for

Yet some people are still considering voting for APC because of tribalism