On the path of caution, he urged the federal government to discontinue this unsustainable pattern, noting that, “the total public debt stock of the federal government, states, and the Federal Capital Territory rose from N39.56 trillion in December 2021 to N41.60 trillion by the end of the second quarter of 2022, as revealed by the Debt Management Office . Nigeria’s Debt-to-GDP ratio now stands at 23.27 percent, as against 22.43 percent on December 31, 2021.
Olawale-Cole, explained “the borrowings are significantly increasing, and Nigeria is struggling to service these debts due to revenue mobilization challenges and an increased fuel subsidy burden. T “The World Bank has also said that Nigeria will continue to experience fiscal pressures due to the ballooning cost of fuel subsidy at a time when production continues to decline. Nigeria is the only major oil exporter that hasn’t benefited from the windfall of higher global oil prices.
He added, the Chamber acknowledges that the level of insecurity in the country has prompted increased spending on defence and security, saying the deteriorating security situation in the country has also battered investors’ confidence and affected forex inflows into Nigeria.
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