Business
Debt Profile: Nigeria’s Debt To Hit N48 Trillion By 2024
Nigeria’s Minister of Finance
The Nigerian Federal government has been profiled to hit N48 trillion debts by 2024 as data revealed plans to borrow more.
Data has it; federal government spent a total of N1.8 trillion servicing foreign debts in the first-second quarter of the year, totaling about 98% of the total revenue generated in the same era.
Recent findings tapped from the Ministry of Finance, Budget and National Planning, spotlighted the Federal Government to borrow a sum of N14,999,848,197,680 from 2022 to 2024.
The three- year loan plan is encapsulated to land national debt at over N48 trillion in addition to the current N3.339 trillion, on or before 2024.
According to reports, domestic borrowing is expected to peg at N7,499,924,098,839 as slated: N2,446,790,640,407 in 2022, N2,375,041,155,994 in 2023 and N2,678,092,302,438 in 2024.
In the same ratio, N7,499,924,098,839 will be borrowed from foreign countries in the same proportion and period as the fore.