Facts emerged, on Thursday, that Nigeria’s debt profile as of March 2022 stands at N41.60 trillion.
Director General of Debt Management Office, Patience Oniha, confirmed this during the ongoing engagement on the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP), held at the instance of the House Committee on Finance, chaired by Hon Abiodun James Faleke.
According to her, as of December 2020, the debt stock stood at 32.92 per cent and rose to 39.55 per cent as of December 31, 2021.
While responding to a question on the actual debt stock for the federal and subnational governments, she disclosed that 85 per cent of the total debt stock is owed by Federal Government while about 15 per cent is owed by the State Governments and Federal Capital Territory (FCT).
In the bid to reduce the debt rate, she tasked the Parliament to query the 2023 budget proposal, noting that the country’s dependence on borrowing was due to low revenue generation and deficit budget spanning several years.