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Each Citizen May Owe N330k by Next Year As Nigerian Government Plans to Borrow Another N8.80trn to Fund Budget

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As Nigerians prepare to get ready for the general election, new data has shown that Nigeria’s debt stock is set to get more expensive


This is due to an additional borrowing of N8.8 trillion plan to fund 2023 budget


The new borrowing plan will take Nigeria’s public debt stock to over N51 trillion, which will mean each citizen will owe N238k


he federal government plans to go for a fresh loan of N8.80 trillion to fund its 2023 budget would jack up the nation’s debt stock above the current debt rate of N42.84 trillion.


The borrowing plan is contained in the proposed Budget 2023 submitted by President Muhammadu Buhari submitted to the National Assembly for the 2023 fiscal year.



The budget proposal, tagged Budget of Fiscal Consolidation and Transition, has a total spending plan of N20.51 trillion and includes a deficit of N10.78 trillion to be financed by borrowing.



How Nigerians will be affected


The move to take more loans will directly impact all Nigerians’ net debt per capita.

What that means is that every citizen by next year, if the proposal is approved, will be owing N238,000 from the present level of N197,419.


How Nigerians’ debt is calculated

The debt per capita figure was arrived at by adding the nation’s total public debt (both federal and sub-national governments).


This total debt figure is then divided by the country’s population, which, according to worldmeter stands at 217,905,704


Nigeria’s present debt stands at N42.84 trillion when the N8.80 trillion plan for next year is added, which means by 2023, Nigeria will be owing 51.64 trillion.


If CBN’s loan to the federal government of N20 trillion is added to the figure, Nigeria’s total debt will be at N71.64 trillion. analysis shows that without CBN’s loan, each citizen will owe N238k with CBN’s loan, the debt of a Nigerian could hit a huge N330,138


Breakdown of Nigeria’s debt as at June 2023


Details from DMO show that the total external debt stock of Nigeria stood at $40.06 billion (N16.61 trillion) as at June 30, 2022, while the Domestic Debt Stock as at June 30, 2022, was N26.23 trillion.



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