Nigeria’s debt to hit 44.7% of GDP in 5yrs — IMF 

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By Babajide Komolafe, Economy Editor & Emma Ujah, Abuja Bureau Chief

The International Monetary Fund (IMF) has projected that Nigeria’s total public debt will rise steadily to 44.2 per cent of Gross Domestic Product, GDP, by 2027.  

The IMF gave this forecast   in its April Fiscal Monitor, released yesterday, in Washington, adding that the total fiscal spending of the General Government (Federal and state governments) will widen to 6.4 per cent of GDP this year, 2022, from 6.0   per cent at the end of 2021.  

According to the Debt Management Office, DMO, national public debt rose by 20 per cent, year-on-year, YoY, to N39.56 trillion in 2021 from N32.92 trillion in 2020.

“With the Total Public Debt Stock to Gross Domestic Product (GDP) as at December 31, 2021, of 22.47 per cent, the Debt-to-GDP ratio still remains within Nigeria’s self-imposed limit of 40%”, the DMO said.

The IMF however disagreed, stating that   nation’s Debt-to-GDP ratio stood at …



Source: Vanguard Newspaper