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Budget deficits, low revenue responsible for rising debt – DMO
The high debt profile of Nigeria can be attributed to decades of budget deficits resulting from the operations of successive governments, according to the Director-General of the Debt Management Office (DMO), Patience Oniha. Oniha made this known during a press briefing in Abuja.
She stated that a review of Nigeria's fiscal data revealed that the government had continuously operated budget deficits, which had been on the increase, and most of these deficits had been funded through both local and external borrowing. The deficits in the annual budgets, including supplementary budgets, rose to N10.78 trillion in 2023 from N1.62 trillion in 2015, and between 82% and 99% of these deficits were funded through new borrowings.
source ; Vanguardngr.com
https://www.vanguardngr.com/2023/05/budget-deficits-low-revenue-responsible-for-rising-debt-dmo/
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