Nigeria’s public debt is projected to reach N130tn by the end of 2024, with a debt-to-GDP ratio of 55% and debt-servicing-to-revenue rate at 60%, according to Afrinvest’s recent report.
The country’s debt stood at N121.67tn in Q1 2024, up 24.99% from Q4 2023.
Afrinvest criticized the 2024 budget’s revenue assumptions as overly optimistic and warned of potential negative impacts on banks’ deposits due to the Federal Government’s borrowing plans.
The report also highlighted issues with Nigeria’s forex policies and recommended exploring alternative forex sources and revitalizing traditional inflows for sustainable economic stability.
(Punch)