This is alongside the country’s foreign direct investment being at an all-time low of under US$1 billion.
Though N8.7 trillion was earmarked for capital expenditure in 2024 budget, infrastructure development will receive just N1.32 trillion. Nigeria’s public debt stock rose from N97.34 trillion in December 2023 to N121.67 trillion in March 2024, according to the Debt Management Office . In a report published on the IMF’s website, he stated that, unlike the popular belief that public debt will fund investment and support national budget deficits, countries that borrow from global sovereign debt markets experience slower growth rates than countries that don’t.
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