Nigeria’s debt servicing to gulp 123% of 2023 revenue – World Bank Economist
The World Bank has revealed that Nigeria’s projected debt servicing for 2023 would gulp 123.4 per cent of the country’s revenue in the same year.
This was learnt in a presentation made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, last month.
The presentation, ‘Nigeria Public Finance Review: Fiscal Adjustment for better and Sustainable Development Results’, disclosed that borrowing more money is not a solution for the most populous African country.
The document reads, “Debt servicing has surged over the past decade and is expected to continue increasing over the medium-term, crowding out productive spending”.
According to World bank Economist reports, Nigeria’s public debt rose to N44.06 trillion in the 3rd Quarter of 2022, according to the Debt Management Office’s recent data.