Nigerians sing a new song as FG reveals incoming administration will inherit ₦77 trillion debt.

Nigerians sing a new song as FG reveals incoming administration will inherit ₦77 trillion debt.

Patience Oniha, director general, Debt Management Office (DMO), says the incoming administration would inherit about ₦77 trillion as debt by the time President Muhammadu Buhari’s tenure ends in May.

She said this while fielding questions from journalists at the public presentation and breakdown of the highlights of the 2023 appropriation act in Abuja on Wednesday. It would be recalled that on Tuesday, Buhari signed the ₦21.83 trillion 2023 budget into law, with a deficit of ₦11.34 trillion. the deficit represents 5.03 percent of the country’s gross domestic product (GDP).

Zainab Ahmed, minister of finance, budget and national planning, had said the federal government would finance the deficit by borrowing. On funding sources for the ₦11.34 trillion 2023 budget deficit, the minister said 22 percent of projected revenues will come from oil-related sources while 78 percent will be earned from non-oil sources.