Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo Iweala on Monday warned incoming State Governors against acquisition of debt. According to Debt Management Office (DMO) in its Q4 report of 2022 fiscal year, Nigeria’s total domestic debt stock was N27.55 trillion, while external debt stock was N18.70 trillion (US$41.69 billion). She said: “We have challenges on the fiscal, debt, and monetary policy fronts. “While the debt-to-GDP ratio may not look so alarming, as revenues decline, the burden of debt servicing has increased dramatically. The debt service to revenue ratio is certainly alarming, at 83.2% in 2021 and 96.3% in 2022, according to the World Bank.

Source: Nigerian Tribune May 16, 2023 14:09 UTC