Nigeria’s debt profile may rise to 48 trillion by 2024 if the government proceeds with its three-year borrowing plan.
According to data sourced from the Ministry of Finance, Budget and National Planning, N14,999,848,197,680 is projected to be borrowed by the Federal Government in 2022, 2023 and 2024.
This will bring Nigeria’s total debt to over N48 trillion when added to the current N33.1 trillion.
Between January and May, the Federal Government has spent N1.80 trillion on debt servicing, representing (37 per cent of expenditures).
In the same period, the government realised N3.39 trillion from both oil and non-oil revenue sources.
The Federal Government will source N7,499,924,098,839 from domestic borrowings as follows: N2,446,790,640,407 in 2022, N2,375,041,155,994 in 2023 and N2,678,092,302,438 in 2024.
An equal amount of N7,499,924,098,839 will be borrowed from foreign sources in similar amounts over the same period.
The Federal Government is planning to raise additional funding from privatisation proceeds in the order of N90,731,800,000 in 2022, N13,770,000,000 in 2023 and N6,237,000,000.
It is also projecting to generate revenue from multi-lateral/bi-lateral project-tied loans.
These loans will be staggered into N638,315,160,152 in 2022, N513,827,475,803 in 2023 and N513,827,475,803 in 2024.
Within the three years, debt servicing will gulp 43 per cent of the revenue realised in 2022, 48 per cent in 2023 and 57 per cent in 2024.
