“The World Bank estimates that by 2027, interest payments on Federal Government borrowings from the Central Bank of Nigeria will consume 62% of GDP.
High debt payment costs, according to Patience Oniha, director general of the debt management office, are deterring infrastructure investment.”
The Federal Government intends to reduce its debt to revenue ratio to 60% in 2023, according to Zainab Ahmed, Minister of Finance, Budget, and National Planning.
At the World Economic Forum in Davos, Switzerland, she claimed that the government’s debt trajectory is manageable.
“We are sustainable in our debt trajectory,” she said.
She continued by saying that the government was changing its Ways.To relieve financial pressure and lower the cost of debt servicing, and Means makes loans into a 40-year bond.
The public debt of the nation reached N44.06 trillion in the third quarter of 2022, according to DMO.