7.8 C
Sunday, December 3, 2023

Nigeria’s total debt will reach $172 billion following a loan-to-bond swap and new borrowings -DMO


Related stories

Handre Pollard of South Africa Anticipates a Fierce Encounter with England in the Semi-Finals

South Africa's Rugby World Cup semi-final preparations continued in...

Scammers Utilize Artificial Intelligence to impersonate African Union Leader Moussa Faki

African Union Chief Moussa Faki Impersonated in Cyber Scam...

Victor Osimhen Faces Nearly a Month on the Sidelines Due to Hamstring Injury

Napoli's Nigerian striker, Victor Osimhen, has suffered a right...

Kenyan Facebook Moderators Allege Insincere Negotiations by Meta

The attorney representing 184 former Facebook content moderators in...

After a loan-to-bond swap and new borrowings to fund the 2023 budget, Nigeria’s total public debt could increase this year to 77 trillion naira ($172 billion) from 44 trillion naira as of last September, according to the head of the debt management office.

Following concerns raised by some senators, the Senate postponed its decision last week on the president’s request to convert $53 billion in temporary loans from the central bank to the government into 40-year bonds.

According to debt management chief Patience Oniha, if that is approved sometime this year, you will see that amount included in the national debt.

Read Also  Nigeria Govt. seeks sustained exploration of seabed in Africa

President Muhammadu Buhari signed the budget for 2023, which totals 21.83 trillion naira, into law on Tuesday. He also threatened that if parliament rejects the request for a loan-to-bond swap, the nation will pay an additional 1.8 trillion naira ($4 billion) in interest this year.

According to Finance Minister Zainab Ahmed, the loan conversion will cause the total public debt to increase from 22.97% of GDP to 35.3% of GDP.

According to Ahmed, the conversion and additional borrowings would raise domestic debt from its current level of 61.1% of the total public debt to 70% by 2023.

($1 = 448.51 naira)

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome & exclusive content in your inbox, every week.

We don’t spam! Read our privacy policy for more info.

InsiderBLM Africa
InsiderBLM Africahttp://insiderblm.com
InsiderBLM Africa shares deep financial, media, tech, and other industry verticals happening in Africa.


- Never miss a story with notifications

- Gain full access to our premium content

We don’t spam! Read our privacy policy for more info.

Latest stories