The Director-General of the Debt Management Office, Mrs Patience Oniha confirmed that Nigeria’s total debt profile as of March 2022 stood at N41.60 trillion.
She attributed Nigeria’s high debt profile to the shortfall in revenues and the deficit in the annual budget as approved by the National Assembly.
She says the country has been running a deficit budget for many years and until the issues of personnel, overhead and capital expenditure are properly addressed in the budget, borrowing would not stop.