The Debt Management Office (DMO) has revealed that the next administration will inherit no less than N77 trillion when debt chairman Muhammadu steps down.

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Patience Oniha, CEO of DMO, made this revelation when answering questions at the public presentation and breakdown of the highlights of the 2023 appropriation law in Abuja on Wednesday, January 4.

Oniha explained that the federal government’s decision to securitize the Central Bank of Nigeria (CBN) loans will increase the debt to some 77 trillion naira.

His words:

“There are many discussions about ways and means. In addition to the significant cost savings in loan servicing that we would get by securitizing it, there is an element of transparency in the sense that it is now reflected in the stock of public debt,” he said.

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“Once it is approved by the national assembly, it means that we will be seeing that figure included in the public debt. You will see a significant increase in public debt to N77 trillion.

“The other area of ​​the debt stock that we are trying to highlight is to say that the debt stock is also growing from the issuance of notes, which are not true loans as such by the government.”

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Ohia’s explanation comes amid plans by the federal government to borrow more to fund the supplemental and 2023 budgets.