Nigeria’s borrowing plan is set to hit 50.22 trillion naira by 2023

Nigeria’s borrowing plan is set to hit 50.22 trillion naira by 2023 with domestic debt at N28.75tn and external debt at N21.47tn. This was disclosed by Debt Management Office stating that Nigeria’s public debt was N38tn as of the end of the third quarter of 2021, with the total debt stock rising by N2.540tn in three months from July to September 2021. According to the projections in the National Development Plan 2021-2025, president Muhammadu Buhari’s regime plans to accumulate about N12tn debt in two years from 2021 to 2023. However, based on the plan, the government targets a reduction in total public debt by 2025. A breakdown of the debt shows that government targets N39.59tn debt stock for 2021, N46.63tn for 2022, N50.22tn for 2023, N50.53tn for 2024, and N45.96tn by 2025.