Nigeria’s total public debt stock rose by 10.73 percent, quarter-on-quarter , to N97.34 trillion in the fourth quarter of 2023 from N87.91 trillion in the third quarter of 2023 , the National Bureau of Statistics reported yesterday.
Reacting to this latest development, David Adonri, Analyst/Executive Vice Chairman at Highcap Securities Limited, said, “Against experts advise, public borrowing continues with undiminished intensity. Increasing public borrowing makes fiscal policy expansionary which is in opposite direction to the contractionary monetary policy that the Central Bank of Nigeria,
“External borrowing is a more dangerous proposition than domestic debt which can be extinguished by sovereign authority of government. Any sovereign default on external debt is visited with dire consequences.