Nigeria’s overall debt in seven years exceeded Federal Government revenue by N13.26 trillion. The conclusions were based on information from the Debt Management Office and the Central Bank of Nigeria.
Between 2016 and 2022, the Federal Government brought in N43.06 trillion while the nation borrowed N56.32 trillion throughout the same time.
Nigeria’s overall public debt stood at N12.6 trillion as of December 2015, but by December 2022, it will have increased by N33.65 trillion to N46.25 trillion. Additionally, the borrowing from the CBN was N856.33 billion as of December 2015 but increased to N23.53 billion by December 2022 by N22.67 trillion.
In 2016, the Federal Government received N3.18 trillion; in 2017, N3.62 trillion; in 2018, N3.88 trillion; and in 2019, N4.69 trillion. Moreover, the Federal Government generated N4.4 trillion in 2021, N4.02 trillion in 2020, and N5.06tn in 2022.
The DMO recently stressed the need for Nigeria to boost revenue and manage spending. Past reports have shown that Nigeria suffers declining revenue despite a widening budget deficit.
The total budget deficit under the former president, Muhammadu Buhari, was set to hit N47.43tn, according to an analysis of the Federal Government’s data from the Budget Office of the Federation.