Nigeria’s debt rose to N46.25 trillion in Q4 2022: NBS

‘ECOWAS Countries’ Debts Will Continue To Increase’

The Debt Management Office (DMO) has cautioned that the sovereign debts of Nigeria and other sub-Saharan African countries will continue to grow. THE NATION reports.

This is contained in a press release presented by the Nigerian Economic Summit Group (NESG) on Thursday in Abuja. Information Guide Nigeria

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The press release said the Director-General of the DMO Mrs Patience Oniha spoke at the Debt Management Roundtable (DMR), an initiative of the Nigerian Economic Summit Group (NESG) and Open Society Initiative for West Africa (OSIWA), where the formal presentation of the full report on debt management and sustainability in ECOWAS was made to the DMO.

Oniha quoted the World Bank’s World Economic Outlook saying “globally, sovereign debt grew from 49.1 percent of GDP in 2014 to 57.9 percent in 2019, and in sub-Saharan Africa, from 35.1 percent of GDP in 2014 to 55.4 percent in 2019.’ The respective figures for 2021 were 66.7 percent and 60.3 percent”. jamb results

Based on these figures the DMO boss stated that “The indications are that the trend will continue as the economic consequences of COVID-19 may linger for a longer period, coupled with the increased economic pressures in the form of rising inflation from higher food and energy prices caused by the Russia-Ukraine war”.

This, she said, is corroborated by the IMF’s World Economic Outlook for April 2022 which says that “The average Debt to GDP Ratio in West Africa is expected to rise to 67.2 percent in 2022 from 56.4 percent in 2019.”

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