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Nigeria’s Fresh Loan: The Bubble Will Soon Burst As Total Debt Is Projected To Hit N54 Trillion

The Oasis Reporters

September 17, 2021

Central-Bank of Nigeria

“As Mr. President badgers the Senate through a letter for a fresh loan, It may not take long for this bubble to burst and what the consequences shall be can only be imagined,” opines Andy Chagwa on social media.

“Nigeria’s public debt stood at N33.1 trillion as at March 2021, according to figures from the DMO.

When Ways and Means, AMCON liabilities and and projected fiscal deficit for 2021 are considered, total debt is expected to increase to about N54 trillion in 2021.

Nigeria’s Debt/GDP at 35% appears comfortable, however, debt service to revenue at 97.7% (Jan to May 2021) suggests Nigeria’s debt is already unsustainable”, according to Dr. Doyin Salami, Chairman Presidential Advisory Committee on the Economy.

Seyi Owolabi chipped in to express the hope that Dr Salami, being the chairman of the Economic Advisory Team to the president must have told him, perhaps in conjunction with other economic teams, members and all advisers, at all levels. CBN management, Finance minister, Budget and planning, and all who should know this in a manner and style that they can understand.

“As for the rest of us, we are already aware and just waiting for a confirmation of these facts and truth which they have long refused to accept.

Greg Abolo

Blogger at The Oasis Reporters.

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