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Report from the Budget Office has it that debt servicing consumed 64.5% of Nigeria’s federal revenue in 2023, totaling N7.7 trillion. This marks an increase from 48.5% in 2022.
Actual revenue reached N11.88 trillion, surpassing the projected N11.05 trillion. However, debt servicing costs also rose by 16.9% from the expected N6.56 trillion.
PwC Nigeria forecasts that debt service costs could climb to N8.25 trillion in 2024 and possibly hit N11.1 trillion by 2026. This growing debt burden may impact Nigeria’s credit rating and borrowing costs.
With a debt-to-GDP ratio at 37.1%, the focus remains on reducing the budget deficit to 3.9% of GDP in 2024 through reduced spending.
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