The Director-General of Debt Management Office (DMO), Patience Oniha says the next president of Nigeria would inherit a debt of N77 trillion when the tenure of the APC led administration comes to an end in May.
Oniha said on Wednesday when answering questions from journalists at the public presentation and break down of the highlights of the 2023 appropriation act in Abuja.
On Tuesday, Buhari signed the N21.83 trillion 2023 budget into law, with a deficit of N11.34 trillion.
The deficit represents 5.03 percent of the country’s gross domestic product (GDP).
The minister of finance, budget and national planning, , Ahmed Zainab said the deficit would be finance by borrowing from domestic and foreign sources, Multi-Lateral and bilateral loan and profit mate from privatizations gains.
On funding sources for the N11.34 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.
In 2022, the federal government borrowed N6.3 trillion from the Central Bank of Nigeria (CBN) through ways and means.
Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.
But speaking at the budget presentation, Oniha said that the federal government plans to securitise the loans (ways and means) from the central bank would drive up the debt to about N77 trillion.
