Nigeria’s borrowing: ‘Trouble’ imminent, says Budget Office
Written by Olarotimi Oshin on May 11, 2023
The Budget Office of the Federation has said Nigeria now has a “limited borrowing space” due to its poor debt-to-revenue ratio, stressing that “trouble” looms for the country if it exceeds its limits.
The office issued the warning as the outgoing President, Major General Muhammadu Buhari (retd.), wrote to the National Assembly seeking approval for a fresh $800m loan from the World Bank.
Director-General of the Budget Office, Ben Akabueze, while addressing members-elect of the 10th National Assembly at their week-long induction ceremony in Abuja on Wednesday, pointed out that while Nigeria remains healthy with its debt-to-GDP ratio, the country is not with its debt-to-revenue ratio.
Punch reports that Akabueze was speaking to the newly elected and returning members of the National Assembly, which is responsible for the consideration, amendment and passage of annual budgets of the Federal Government as well as economy bills like the Finance Bill.