A business expert and Executive Director of OrderPaper Nigeria, Mr. Oke Epia, has said that Nigeria's public debt rose from N12.8 trillion to N87.91 trillion between 2015 and 2023, representing a staggering 585% increase. He said that there is a need for economic diversification and development of other sectors to ensure sustainable growth and reduce…A business expert and Executive Director of OrderPaper Nigeria, Mr. Oke Epia, has said that Nigeria’s public debt rose from N12.
Epia said: “From the rise in Nigeria’s total debt stock at N12.85 trillion in 2015 to a staggering N87.91 trillion in September 2023. The bungled N22.7 trillion Ways and Means facility to the federal government, to the ever-changing forex rates, inflation, and economic hardships, current fiscal policy failures are evident.
Muruako, represented by its Special Assistant, Chris Uwadoka, said: “This is another beginning of an amendment process. We have had attempts since the 7th Assembly. In the 9th Assembly, it perished at the Public Hearing Stage. We are confident that the process will run its full course this time around.
Ibrahim foruther noted that Nigeria still has the capacity to borrow more funds despite its current debt profile, adding that the country’s total internal and external debt, including non-bond borrowing, stands at $114 billion, having an excess of $138 billion in the size of the economy. Plateau State House of Assembly Speaker Gabriel Dewan says the house has passed seven bills, irrespective of some challenges facing the 10th assembly. Dewan stated this while briefing newsmen on the activities of the assembly in the last 12 months, explaining that two of the seven bills had been assented to by the governor, while…