• Privacy Policy
  • Terms
  • About us
  • Contact Us
Monday, February 6, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Nigeria’s public debt set to peak at N45tn in 2022

Debt

The Matters Press by The Matters Press
March 18, 2022
Reading Time: 1 min read
0

The total debt stock of Nigeria is likely to reach N45 trillion as the Debt Management Office (DMO) plans to borrow additional N6.39 trillion to finance the 2022 budget deficit.

RELATED POSTS

NECA fears further crashing of fragile economy

Ministry, ICRC in talks to revitalise FG’s properties abroad

FCT residents allege banks’ hoarding, selling of banknotes

This is according to a DMO document on Friday in Abuja, Patience Oniha, Director-General of the DMO, explained that the overall deficit in the 2022 budget was N6.30trillion, representing 3.46 per cent of the country’s Gross Domestic Product (GDP).

DMO had earlier revealed that the country’s total debt stock as at December, 2021 was N39.55trillion.

ALSO READ  World owes $180 trillion as debt

Oniha said that the budget deficit was to be financed mainly by borrowings from both domestic and foreign sources, as well as privatisation proceeds.

“N2.57 trillion will come from domestic sources, N2.57trilllion from foreign sources, N1.16trillion from multilateral and bilateral loan drawdowns and N90.7billion from privatisation proceeds,’’ she said.

The DG said that the 2022 aggregate Federal Government spending was projected at N17.1 trillion, which is 18 per cent higher than the 2021 budget.

“Recurrent (non-debt) spending, estimated to amount to N6.9 trillion, is 40 per cent of total expenditure and 20 per cent higher than the 2021 budget.

“Aggregate capital spending of N5.96 trillion is 35 per cent of total expenditure,’’ she said.

ALSO READ  Shanghai Institute insists on understanding African debt problem

She added that debt service in the 2022 budget was N3.6 trillion, making it 21 per cent of total expenditure and 34 per cent of total revenue.

“Provision to retire maturing bonds of N270.7billion to local contractors is 1.6 per cent of total expenditure.

“This provision is in line with the Federal Government’s commitment to offset accumulated arrears of contractual obligation dating back over a decade,’’ she said.

Tags: Debt
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

NECA on how to address Nigeria’s economic challenges
Economy/Technology

NECA fears further crashing of fragile economy

February 6, 2023
Nigeria moves to review ICRC Act
Economy/Technology

Ministry, ICRC in talks to revitalise FG’s properties abroad

February 6, 2023
Experts validate Nigeria’s implementation strategies for success under AfCFTA
Economy/Technology

FCT residents allege banks’ hoarding, selling of banknotes

February 6, 2023
New Naira notes unavailable even as CBN campaigns for acceptance
Economy/Technology

Entrepreneurs count losses over scarcity of new Naira notes

February 6, 2023
Bids roll in for Ajaokuta Steel Company
Economy/Technology

Cash crunch crashes food prices

February 6, 2023
A transformed fertilizer market is needed in response to the food crisis in Africa
Economy/Technology

Foundation ready to sustain gains of PBR cowpea

February 6, 2023
Next Post
Minimum wage a reality – Labour

Energy stakeholder cautions NLC over revolution threat

Eswatini for $140m Afreximbank’s credit

Afreximbank agrees to raise $207m facility with NEXI

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Nigeria targets $1.2bn export capacity for every state

Why Nigeria must encourage non-oil export activities

April 27, 2022
Bee keepers seek investment in honey to boost foreign earnings

Bee keepers seek investment in honey to boost foreign earnings

September 22, 2022
Azerbaijan moves to invest $250m in industrial zones

Unmaking and tweaking Nigeria’s FTZs’ susceptibilities

December 31, 2021

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • NECA fears further crashing of fragile economy
  • Ministry, ICRC in talks to revitalise FG’s properties abroad
  • FCT residents allege banks’ hoarding, selling of banknotes

Categories

  • Economy/Technology
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?