Economists have come hard on the Federal Government, as it proposes another round of borrowing for the 2023 budget year. Unanimously, they warned government to stop borrowing, just as the Director-General of the Debt Management Office (DMO), Mrs. Patience Oniha, yesterday, confirmed that Nigeria’s dept profile as at March 2022 stood at N41.60 trillion.
Minister of Finance, Budget and National Planning, Zainab Ahmed, has earlier disclosed that the Federal Government will borrow over N11 trillion and sell national assets to finance the 2023 budget deficit.
The Buhari administration has made Nigeria to be “neck-deep in debt” say some, while life is becoming increasingly difficult for the average Nigerian.
Buhari’s government say most of the borrowed money is spent on building infrastructure and paying petroleum subsidy.
Source: The Skuup