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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…

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.

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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.”