Nigeria’s rising debt stock will affect infrastructural projects, economy – Expert

A financial expert has estimated that infrastructural projects in the country would suffer as Nigeria’s debt stock surged in the Third Quarter of 2022.

DAILY POST reports that Nigerias debt profit rise to N44.06 trillion in Q3, according to the latest data released by the National Bureau of Statistics.

In a chat with reporters on Tuesday night, a financial expert, Mr Idakolo Gbolade, stated that the implication of the country’s rising debt profile is a source of concern.

Gbolade explained that Nigeria’s debt repayment burden would suffocate the country’s economy.

“The implications are far-reaching; the country will spend more on debt servicing while infrastructural projects will suffer amid revenue shortfalls in oil and non-oil sectors. The situation could be further compounded when the ways and means facility extended to the Federal government is securitized. That can raise our total debt stock to 77 trillion amid economic uncertainties in the country”.

In September last year, the Debt Management Office, DMO, announced Nigeria’s total debt stock.

News had reported that if the National Assembly ultimately approved President Muhammadu Buhari N22.7 trillion Ways and Means Advance request, Nigeria’s total debt stock would rise to N77 trillion.