Nigeria’s debt at $103b, GDP wanes as inflation, redundancy rise
Nigerian President Buhari (right) and his Vice President Osinbajo. They will leave office on May 29, 2023 bequeathing an economy hit by debt, inflation, unemployment and poverty to their successors. PHOTO | PRESIDENTIAL VILLA
Nigeria’s economy is weakening as its total debt climbed to $103.11 billion with spiralling inflation and unemployment. The dire economic situation is what the country’s outgoing President Muhammadu Buhari would hand over to the incoming president on May 29, 2023.
According to Nigeria’s Debt Management Office (DMO), the total public debt stock of the country consisted of the domestic and external debts of the Federal Government of Nigeria (FGN) and its 36 state governments.
