THE THREAT OF NIGERIA DEBT RISING PROFILE
Nigeria Employers Consultative Association, NECA, Wednesday in Lagos, raised the alarm that Nigeria’s debt profile could hit N77 trillion in June 2023.
The umbrella body for employers in the country warned that the government is overburdening the citizens and businesses with excessive taxation, urging the government to act fast before and arrest the economy from sliding into deeper challenges I n the face of dwindling revenue and myriads of economic challenges
“At the last count, the nation is neck-deep in debts hovering around N44.06 trillion in September 2022. However, if the N23.7 trillion CBN loan is securitized, our debt stock could amount to about N77 trillion in June 2023; Crude oil production grew in the month of December 2022 by 4.2 percent month-on-month to 1.23million barrels per day, but remained significantly short of the 1.8million barrel per day allocated by OPEC to the nation, amounting to about $2.5billion loss monthly at an average of $100pb; oil theft seems to continue unabated and the unsustainable subsidy on petroleum products have all conspired to reduce Government’s revenue, leading to absurd debt accumulation.
The obvious misalignments between the fiscal and monetary policies, which are deflating investors’ confidence and making the country unattractive for Foreign Direct Investment (FDI), in spite of our large market, have all made growth projections academic.
