Breaking news by dmo on nigerian debt profile newspaper

BREAKING NEWS

NIGERIAN DEBT PROFILE: A CRYING SHAME

By DMO (Debt Management Office)

Lagos, Nigeria - In a shocking revelation, the Debt Management Office (DMO) has released a report that reveals Nigeria's debt profile has reached an alarming high. According to the report, the country's total debt has surpassed N32 trillion, with a significant portion of it being owed to foreign creditors.

The report, which was made available to the public yesterday, shows that Nigeria's debt profile has increased by a staggering 40% in the past year alone. This is a clear indication that the country's debt management strategy is failing, and the consequences are dire.

The breakdown of the debt profile shows that:

The DMO report also reveals that the country's debt service-to-revenue ratio has increased to 60%, which means that the country is spending more than 60% of its revenue on debt servicing alone. This is a clear indication that the country's debt is unsustainable and is putting a significant strain on the economy.

The report has sparked widespread concern among economists and financial experts, who are warning that the country's debt profile is unsustainable and could have serious consequences for the economy.

"This is a crying shame," said Dr. Akinwumi Adesina, a renowned economist and former President of the African Development Bank. "Nigeria's debt profile is unsustainable, and the country needs to take immediate action to address this issue. The consequences of not doing so will be dire."

The DMO has called on the government to take immediate action to address the debt crisis, including reducing the country's debt-to-GDP ratio and increasing revenue generation.

"We urge the government to take immediate action to address this issue," said a spokesperson for the DMO. "The country's debt profile is unsustainable, and we need to take immediate action to address this issue before it's too late."

The news has sent shockwaves through the financial markets, with the naira depreciating sharply against the dollar. The country's credit rating has also been downgraded by major rating agencies, making it more expensive for the country to borrow money.

The situation is dire, and the country needs to take immediate action to address this issue. The consequences of not doing so will be severe, and could have serious consequences for the economy and the people of Nigeria.