Recent findings have shown that Nigeria’s total debt in seven years has outweighed the revenue generated by the Federal Government by ₦13.26tn.
The findings are based on data from the Central Bank of Nigeria and the Debt Management Office.
Recall the Federal Government recorded revenue of ₦43.06tn between 2016 and 2022 as the country borrowed ₦56.32tn within the same period.
The debt included borrowing by the Federal Government and states (including the Federal Capital Territory), as well as borrowing from the CBN through the Ways and Means Advances.
As of December 2015, Nigeria’s total public debt was N12.6tn, but this grew by ₦33.65tn to ₦46.25tn by December 2022. Also, the borrowing from the CBN was ₦856.33bn as of December 2015 but grew by ₦22.67tn to ₦23.53tn by December 2022.
Total budget deficit under the former president, Muhammadu Buhari, was set to hit ₦47.43tn, according to an analysis of the Federal Government’s data from the Budget Office of the Federation.
The DMO recently emphasised the need for Nigeria to boost revenue and manage spending.
