Experts warn macroeconomic instability looms for Nigeria

If revenue fails to match rising debt cost

Total borrowing now N7trn, DMO okays more

Analysts project N45trn public debt for 2022;

Federal debt-service-to-revenue almost N1trn

NIGERIA’S DEBT SERVICE COST is putting severe pressures on the purse carrying its revenue, which continues to dwindle.This is happening at a time when many indices an economy that is worse for wear, with external reserves below $40 billion, the Naira weakening daily against the United States dollar, both at the parallel and the investors’ and exporters’ segments of the FX market, an inability to benefit from a rally in crude oil price to above $100 per barrel, and the country’s daily oil production having dropped drastically.

With over $3 billion lost to oil theft alone in 2021, the country has been kept on a fisshow

Jim Ovia (middle), founder and chairman, Zenith Bank Plc; flanked by Ebenezer Onyeagwu (left), group managing director/CEO; and Adaora Umeoji (right), deputy managing director, at the 31st annual general meeting of the bank in Lagos recently.