Every Nigerian will be owing N384,864 each when President Muhammadu Buhari leaves office in May 2023, with the country’s debt profile expected to spiral to N77 trillion by then.

The Debt Management Office (DMO) has projected that government’s persistent borrowings would see President Muhammadu Buhari leave a humongous debt of N77 trillion behind for the incoming administration.

Patience Oniha, who heads the agency, said at a public presentation on January 4, 2023 on the 2023 budget at the National Assembly that new borrowings of ₦10.57 trillion was captured in the 2023 budget.

If divided by an official exchange rate put at N422 to an American dollar, 200 million Nigerians would have inherited N384,864 debt per person when the current administration winds down.

Available data showed that 73 per cent of internal debt, which is about 60 per cent of the total debt stock, is government bond, saving bonds, treasury bills, Sukuk and Green bonds.

Of internal debts, 2.3 per cent is government’s promissory notes to companies issued export expansion grant.

With the rising deficit in the budget, industry analysts posit that whoever takes over from President Buhari has tough choices to make on the economy, with the 2023 budget designed as a deficit document to be funded by borrowing.

“There is a strong link between ballooning debt, weak exchange rate and Nigeria’s rising hyper inflation. This is already taking its toll on Nigeria’s assesment by global rating agencies like Fitch and Moody. The worst of it all is that indigenous companies quoted on the Nigeria Exchange Limited are also donwgraded,” a development economist, Kelvin Emmanuel, told The ICIR.

READ MORE HERE: https://www.icirnigeria.org/n77trn-debt-each-nigerian-to-owe-n384864-by-end-of-buharis-tenure/

No thanks to Buhari

E ni pe ?

Very very impressive!!!

It seems there is a second coming of slavery but this time it is advanced economic enslavement which is slightly higher than the first Human labour enslavement.

May all those who brought this upon Nigeria never have peace, including the notorious,good for nothing comedian masquerading as a table shaker

And they want to continue from where he stops right

In fairness to analog Presido, this debt profile is actually quite low in the scheme of things.

Every Egyptian owes $3,697
Every Ghanaian owes $2,071
Every South African owes $4,804
Every Zimbabwean owes $11,929
Every American owes $88,697
Every Japanese owes $103,386

Source: https://countryeconomy.com/national-debt