✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

Reps worry over N3.3trn debt stock as DMO kicks

The House of Representatives Committee on Aids, Loans and Debt Management for the 2023 budget defence on Monday, expressed concerns over the N3.3 trillion debt stock just as the Debt Management Office (DMO) said the rising debt can’t be sustained.

Chairman of the committee, Ahmed Safana and other members said DMO which manages the debts ought to cut them.

Caution your spokesmen, Abdulsalami c’ttee tells presidential candidates

SPONSOR AD

Atiku-Wike feud: PDP will surprise Nigerians — Saraki

According to them, there was over a N1 trillion increase in the debt profile of the nation in the last one year.

The committee later directed that the DMO provide comprehensive details of the N3.55tr earmarked for borrowing in the 2023 budget.

Speaking, Director General (DG), DMO, Mrs Patience Oniha, stated that Nigeria cannot survive a constantly increased budget deficit and large borrowings to fund its annual budget.

She advised that Nigeria has to adopt strategic measures to increase revenue, reduce expenditure to close its huge budget deficit gap and have a stable annual budget that will ensure growth.

“We really can’t survive like this and the second point is that, whereas before we get to the Eurobond market and raise funds, that is not…we don’t know when the world will recover. Already, the UK is talking about recession, we don’t know who else.”

 

Sponsored

Discover the latest trends on Temu! Shop mobile phones, fashion, beauty, home essentials & more. Start exploring now!


Click here to learn how it works.

Sponsored

Unlock AI's potential! Get top prompts for content, blogs, social media, research, draft proposals and more. Boost creativity start using AI tools today!


Click here to learn how it works.

Sponsored

Start Affiliate Marketing Today! Learn step-by-step how to set up a blog, find programs, create links, and earn money—beginner-friendly guide inside!


Click here to learn how it works.

Sponsored

Join our FREE WEBINAR! Discover the 3-step formula to turn WhatsApp into a cash-generating machine. Sign up now and start earning!"


Click here to learn how it works.

Sponsored

Master Facebook Ads! Learn to set up Business Manager, run campaigns, optimize budgets, and drive sales. Start your journey to ad success today!"


Click here to learn how it works.

Sponsored

Unlock your confidence and attract the love you deserve! Learn how to become irresistible to women—start your transformation today!"


Click here to learn how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.