How Nigeria’s public debt hits $91.46bn despite generating $1trn in 40 yrs

THE Senior Partner, Olisa Agbakoba Legal, Dr. Olisa Agbakoba, Tuesday, said Nigeria’s public debt rose to $91.46 billion , despite its ability to generate $ 1 trillion in 40 years.

“Yet, Nigeria consistently resorts to borrowing, with the total public debt standing at ₦121.67 trillion as of March 31, 2024, according to the Debt Management Office. “Funds from crude oil production are often domiciled in foreign banks, sometimes held for months before remittance to the Central Bank of Nigeria, depriving Nigerian banks of substantial business and the economy of potential multiplier effects.

He said: “Incorporation of foreign agreements often excludes Nigerian laws and designates adjudication forums outside Nigeria, contradicting local content policies. “IOCs often have more bargaining power in negotiations with the government due to their technical expertise and financial resources.

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Source: GuardianNigeria - 🏆 1. / 94 Read more »