This assumes the new loan requested by the current administration has been approved. This information was disclosed by the Director General of DMO, Be patient through a statement released on Thursday.
Last week, lawmakers delayed the president’s request for approval of the N23.7 trillion loan that has already been implemented. PremiumTimesNG.
This caused an uproar in the legislature, as lawmakers demanded an overview of how the money was spent. Lawmakers also accused the president of violating the office’s standard protocol.
“Considering the report that the next administration could acquire a public debt stock of about N77 trillion, the estimated figure can only be expected if the Ways and Means of Progress from the Central Bank of Nigeria are securitized,” director general DMO said.
“However, it should be noted that securitization will improve debt transparency as the DMO can then include the debt in the total public debt stock. If securitization is achieved, a brief breakdown of the estimated total public debt in May 2023 may include the current total public debt of N44.06 trillion ; Ways and Means of Progress N22.72 trillion is currently being considered by members of parliament. he added.
He also disclosed that the projected debt stock for May 2023 remains at N5.567 trillion.
Speaking on the matter, the Minister of Finance, Budget and National Planning, Zainab Ahmed, noted that Cara and Cara with legislative support can help reduce the current interest to about 9%, while simultaneously increasing the repayment period to about 40 years, according to the news agency, Today.
“Currently, Ways and Means is opening the interest rate, which is currently at an average of 18.5%. So if this is not affordable, the interest rate will be increased again and add any Ways and Means from N1.8 trillion to N2.2 trillion. So consequently, “ she said.
“I’m sure he will understand. So, if approved, it will benefit from a lower interest cost of 9% and will benefit from a 40-year plan with a three-year moratorium that will provide significant relief to the federal government,” he added.
He also noted that there are currently no plans to restructure the country’s debt, and that Nigeria remains committed to servicing its total debt.