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Nigeria’s whole public debt stood at $94.7 billion in 2021, up from $78.9 billion the earlier yr. Endurance Oniha, the top of the nation’s Debt Administration Workplace (DMO) briefed journalists final Thursday in Abuja. In comparison with different African finance ministries, Nigeria’s DMO has championed transparency, and these briefings demystify the nation’s debt portfolio.
Oniha stated the rise in lending was consistent with international traits, as international locations battle to take care of the fallout of the COVID-19 pandemic. However she insisted that Nigeria remains to be inside the IMF’s urged 55% debt-to-GDP ratio, in addition to the 40% restrict set by the Nigerian authorities.
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