The World Bank has revealed that Nigeria’s projected debt servicing for 2023 would gulp 123.4 per cent of the country’s revenue in the same year.
DAILY POST learnt this in a presentation made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, last month.
The presentation, ‘Nigeria Public Finance Review: Fiscal Adjustment for better and Sustainable Development Results’, disclosed that borrowing more money is not a solution for the most populous African country.
The document reads, “Debt servicing has surged over the past decade and is expected to continue increasing over the medium-term, crowding out productive spending”.
DAILY POST reported that Nigeria’s public debt rose to N44.06 trillion in the 3rd Quarter of 2022, according to the Debt Management Office’s recent data.