Tinubu’s Govt Announced That Rise In Nigeria’s Debt From N97trn To N121trn Is Normal, Nigerians Reacts

Following President Bola Ahmed Tinubu’s administration’s announcement that the increase in Nigeria’s debt stock from N97.34 trillion to N121.67 trillion is normal, social media users have commented. The Special Adviser on Information and Strategy, Bayo Onanuga, uploaded a message on his page on Tuesday that included this comment.CONTINUE FULL READING>>>>>

According to The Director-General of DMO, Patience Oniha, the debt stock rose because Nigeria has undergone some major reforms which have impacted economic indices.

She said the reforms are Dollar/Naira exchange rate and interest rates. She said those two reforms are the major cause of the debt stock and debt service.

She said that;

“The total public debt as at March 31, showed that the total public debt in Naira terms stood at N121.67 trillion compared to N97.34 trillion as at December 31, 2023. It is important to recognize the fact that Nigeria has undergone some major reforms which have impacted economic indices such as the Dollar/Naira exchange rate and interest rates. These two, in particular affect the debt stock and debt service”.

However, after the report surfaced online, some social media users shared their thoughts.

Below are some of the comments that were made.CONTINUE FULL READING>>>>>