Depreciation of the Naira Increases Foreign Debt by N9 trillion.

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Nigeria’s foreign debt burden increased as the value of the naira relative to the dollar dropped from N196. 92 in June 2015 to N414.72 in June 2022. The naira’s value against the US dollar decreased by 52.52% over the course of the seven years under review.

Nigeria’s total external debt increased from $10.32 billion as of June 30, 2015, to $40.06 billion as of June 30, 2022, according to a recent report from The PUNCH.

Nevertheless, he pointed out that Nigeria could service its foreign debt at the current level, but a continuous rise in debt without a corresponding rise in foreign currency earnings could put the country in a difficult situation.

Financial experts suggested that Nigeria and other West African nations should leave a tax expenditure workshop held by the ECOWAS Commission in Abuja.

Punch

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