2023 Elections: "This Is The Amount Nigeria's Next President Will Inherit as Debt", DMO

2023 Elections: "This Is The Amount Nigeria's Next President Will Inherit as Debt", DMO

  • There is a N77 trillion debt waiting for whoever will take over the presidency from President Muhammadu Buhari
  • This was revealed on Wednesday, January 4, by the director general of the Debt Management Office, Patience Oniha
  • Oniha's revelations is coinciding with the fact that Nigeria's debt profile is threatening the survival of the economy

Abuja - The Debt Management Office (DMO) has disclosed that the next administration will inherit not less than N77 trillion as debt after President Muhammadu leaves office.

Patience Oniha, director general of DMO made this revelation when she responded to questions at the public presentation and breakdown of the highlights of the 2023 appropriation act in Abuja on Wednesday, January 4, This Day reports.

President Muhammadu Buhari
Buhari's successor will inherit a debt of N77trn (Photo: @Mbuhari)
Source: Twitter

Oniha explained that the move by the federal government to securitise the loans from the Central Bank of Nigeria (CBN) will increase the debt to about N77 trillion, The Cable added.

Her words:

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“There are a lot of discussions on the ways and means. In addition to the significant cost saving in loan service we would get by securitising it, there is an element of transparency in the sense that it is now reflected in the public debt stock."
“Once it is passed by the national assembly, it means we will be seeing that figure included in the public debt. You will see a significant increase in public debt to N77 trillion.
“The other area of the debt stock we are trying to highlight is to say the debt stock is also growing from the issuance of promissory notes, which are not true borrowing as such by the government.“

Ohia's explanation is coming amid the federal government's plans to borrow more to finance both the supplementary and 2023 budgets.

Amid economic imbalance, President Buhari makes crucial appointment

President Muhammadu Buhari had assented to the appointment of Osita Anthony Aboloma as Chairman of the National Quality Council.

Aboloma's appointment was confirmed on Monday, January 2 in a statement by Ifedayo Sayo, the spokesman of the minister of industry, trade and investment.

As contained in the statement, the appointment is expected to take effect from August 3, 2022, and is renewable for a second five-year tenure.

Source: Legit.ng

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