Buhari Will Leave Office On May 29, 2023 With N77 Trillion Debt

Buhari Will Leave Office On May 29, 2023 With N77 Trillion Debt

Buhari Will Leave Office On May 29, 2023 With N77 Trillion Debt

The date of May 29, 2023, is sacred, and President Muhammadu Buhari will unquestionably pass up power on that day.

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Who is the next Nigeria President 2023?

The winner of the 2023 presidential election, who would succeed Mohammadu Buhari as president, will be announced in February. The candidates are Bola Tinubu, Atiku Abubakar, Peter Obi, Rabidu Kwankwaso, and Atiku.

However, the hardships that the current administration has plunged the nation into will be a major issue for the new administration.


From the present debt of N44.06 trillion as of the third quarter of last year, President Muhammadu Buhari’s administration would leave an overall debt load of over N77 trillion for the new government.

Current administration is anticipated to borrow an extra N8 trillion before it leaves office on May 29, this year, even though the ways and means are approximately N22.3 trillion at an interest rate of 18.5 percent.

The Director General of the Debt Management Office (DMO), Ms. Patience Oniha, stated during the 2023 Budget breakdown in Abuja that the entire debt stock would be N77 trillion if the additional borrowings are added to the present debt, which is currently at N44.06 trillion.

She claims that the government’s issuing of promissory notes, which are not actual borrowing in the traditional sense, is still contributing to the growth of the debt stock.

“We’ll be looking at N77 trillion, it’s safe to say. Revenue is given substantial importance even when the debt is increasing as a result of fresh borrowing. You can’t talk about debt without talking about revenue, as DMO always emphasizes. She went on to say, “We need the two to collaborate.”

Prior to this, Nigeria’s Minister of Finance, Budget, and National Planning, Mrs. Zainab Shamsuna Ahmed, made it clear that the country had no plans to restructure its debt because it was still dedicated to paying off both its domestic and foreign debt commitments.

However, she added, “The FGN will keep using the right debt management tools to streamline the cost and risk profile in the debt portfolio, including through concessional loans, spreading out debt maturities to avoid bunching, and re-profiling of the debt maturities by refinancing short-term debt with long-term debt instruments.”

She made notice of the fact that the majority of oil-lifting vessels from Nigeria do not pay taxes and said that the current administration would ensure that they did so in order to boost the budget.

She claimed that in order to introduce new businesses, the government would get rid of some of the pioneering businesses that had been receiving tax breaks.

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Source: MandyNews.com

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