September 28, 2022 7:42 AM
Patience Oniha, director-general, DMO, said this on Tuesday during a presentation at an executive course on budgeting and fiscal responsibility organised by the Fiscal Responsibility Commission in Abuja. “The financing of the deficits through borrowing from local and external sources is the principal reason for the growth in debt stock and debt servicing.
Oniha added that amid low revenue, the government was able to deliver on infrastructure development and other responsibilities through borrowings.“Debt levels are rising everywhere. Global revenue dropped as a result of Covid-19, and the Russian-Ukraine conflict has also increased borrowings,” she added.The DMO director-general further said a larger percentage of the country’s borrowings were concessionary loans from multilateral and bilateral sources.
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