This has been part of the narrative for the accumulation of public debt by countries in sub Saharan Africa in recent times. According to the Debt Management Office (DMO), Nigeria’s total debt has increased by about 90% in almost three years from about N12.6 trillion in December 2015 to about N22.71 trillion as at March 2018. The DMO figure indicates that total public debt prior to the 2018 budget stood at about N21.17 trillion. The rationale for the increasing public debt profile, as stated recently by the Director-General of the DMO, Patience Oniha, appears suspect. The revenue to debt service ratio should be closely monitored to avoid a situation of debt overhang on the economy.

Source: The Guardian August 27, 2018 04:07 UTC