Since 2012, East Asia & the Pacific and Sub-Saharan Africa have had the steepest increases over time.
“Buhari was spending money recklessly,” ex-President Olusegun Obasanjo asserted.
Funmi Ekundayo, ICSAN vice president, said that the debt burden had become worrisome.
The debt servicing bill increased by 109 per cent between December 2021 and March 2022, rising from N429 billion to N896 billion.
The proceeds of the bonds would be used to finance the budget and bridge infrastructural deficits, said the DMO.
The latest report by the DMO showed that Ogun has the second highest debt stock in the South-West, and fifth highest in the country.
The government’s decision to service the country’s growing budget will adversely affect the net debt per capita of all Nigerians, placing the debt profile of all Nigerians at N205,687 per
Mr. Ikioda said 350 individuals alone account for N3.6 trillion, representing 80 percent of the N4.4 trillion of the total outstanding debt.
The Debt Management Office estimated Nigeria’s debt to have hit N31 trillion as of June 2020.
