The figures presented by the Debt Management Office as of March 2021 shows that Nigeria’s total debt stock is N33, 107trn. This comprises of debt stock of the Federal GovernmentThe figures presented by the Debt Management Office as of March 2021 shows that Nigeria’s total debt stock is N33, 107trn.
Recurring debt of the Federal and sub-national governments has led to the continuous deficit financing of the national budget, with 30% of the annual budget allocated for debt servicing. In 2020 the sum of 3.7trn was utilize for debt service, 2021 the sum was 3.12trn and the proposed 2022 budget has the sum of 3.60trn earmarked for debt service.
Government at all tiers shall only borrow for capital expenditure and human development, provided that, such borrowing shall be on concessional terms with low-interest rate and with a reasonable long amortization period, subject to the approval of the appropriate legislative body. The FRA S. 36 1 provides that the creation, expansion or improvement in government action which result in an expenditure increase shall be accompanied by an estimate of the budgetary or financial impact in the year it becomes effective and in two subsequent years, and a statement by the person requesting for the expenditure, stating that the increase is consistent with the Appropriation Act and the Medium- Term Expenditure Framework.
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