Nigerias total debt now n33trn senate

According to recent reports, the total debt of Nigeria has risen to N33 trillion (approximately $87 billion USD). This information was revealed by the Senate Committee on Finance during a public hearing on the 2022-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The committee's chairman, Senator Solomon Olamilekan Adeola, stated that the country's debt has increased significantly over the years, with the total debt stock now standing at N33 trillion. He attributed the rise in debt to various factors, including the country's reliance on foreign borrowing to finance its budget deficit.

The committee also expressed concerns about the sustainability of the country's debt profile, citing the high interest rates and short repayment periods associated with foreign borrowing. They emphasized the need for the government to adopt a more sustainable debt management strategy and reduce its reliance on foreign borrowing.

It's worth noting that Nigeria's debt has been a subject of concern for many years, with the country's debt-to-GDP ratio currently standing at around 20%. The government has been working to address the issue, but the rising debt profile remains a significant challenge for the country's economic development.

Here are some key statistics on Nigeria's debt:

Source: Senate Committee on Finance, Nigerian Senate