to continue to consume a larger portion of the federal government’s revenues.
The Debt Management Office published a report detailing Nigeria’s escalating public debt levels within the first three months of 2024 last week. This data underscores the fact that within the last 12 months, Nigeria has secured $4.95 billion in loans from the World Bank, despite growing concerns about the increasing costs associated with servicing its external debt. The government anticipates additional loan approvals worth $4.4 billion from the international lender and the African Development Bank over the next year.
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