This is buhari last gift to the nation........ Debts upon Debts

KPMG says Nigeria’s debt service to revenue ratio may exceed 100 percent in 2023.

In its macroeconomic snapshot released on Thursday, the professional services firm raised concerns over Nigeria’s risk of sliding into critical debt servicing problems unless urgent actions were explored to significantly raise revenue.

On the recent senate approval of the securitisation of N22.7 trillion Ways and Means advances provided to the government by the Central Bank of Nigeria (CBN), KPMG said Nigeria’s debt, which hit N46.3 trillion by the end of 2022, will immediately rise to about N70 trillion.

The firm said with the N8.8 trillion expected new borrowings from both domestic and external means in the 2023 states and federal budgets, the total debt stock will likely stand at about N77.8 trillion by the end of 2023.

In 2022, Nigeria’s debt service-to-revenue ratio was 80.6 percent — a figure far above World Bank’s suggested 22.5 percent for low-income countries like Nigeria.

“With FGN revenue to GDP ratio of 4.49% as of December 2022, Nigeria’s debt service to revenue ratio may surpass 100% in 2023, which will limit the fiscal space and the government’s ability to pay for its operations and functions, unless urgent measures are taken to build revenue,” KPMG said.

“This is however unlikely being a transition year with the outgoing administration winding done and a new one starting which would require time to set up and settle before new policies can be introduced and work.”

KPMG said the new administration might even be compelled to borrow even more to run its government and stimulate much needed growth in physical and social capital and to do this, it might need to widen the various legal and self-imposed restraints and buffers relating to deficit financing.

KPMG advised the government to establish well-thought-out guidelines and frameworks for borrowing, focusing on sustainable debt management and giving investments that produce long-term economic returns top priority.

This, the firm said, would help the government to avoid defaulting on loan terms, which could harm the country’s credit rating and confidence in borrowing money.

https://www.thecable.ng/kpmg-nigeria-may-spend-over-100-of-its-revenue-on-debt-servicing-in-2023/amp

This is Buhari's legacy, a president without Vision and foresight

Someone should please tell me what Buhari has done with all the money he borrowed since 2015

Nigeria "may" which is not gonna happen. 😁😁

Weldone KPMG

Brace up everyone, it's gonna be a tough one.
Garba Sheun said and i quote "When Buhari leave office, Nigerians will appreciate him"
If you know you know.

Thanks to the Dullard of daura.

U have really done bery bery well.

A

Expect massive hike in everything once Tinubu steps in.

From Tariff to taxes, import duty, university tuition fee...etc.

Get ready to face reality Nigerians.

This I have seen.

This is what you get when a half baked literate and terrorist is your president for 8 years. Guys if you have the opportunity, JAPA.

Abegi, tell them o!!!!

But they won't listen.

Na to dey steal money upadan.

This was Economic Jihad.

God1000:
This is Buhari's legacy, a president without Vision and foresight

Someone should please tell me what Buhari has done with all the money he borrowed since 2015

Ask those supporting Tinubu. Am sure they can tell you

What Buhari left behind. Tinubu will provide solutions

Welldone to the zombie class of 2015-2023.

Welldone!!!

Nigeria already spends 100% of its revenue on debt servicing and embezzlement!

No need to pretend this is something new... The nation's economy has been doomed in the last 4 to 6 years by unbridled stealing and borrowing to steal!

It makes sense to borrow money for projects and investments that will yield returns for the nation and even pay for themselves... In our case, we just borrow recklessly! Sometimes, they even borrow because they can, and not because the funds are really needed for meaningful things!

I honestly don't know what plan Tinubu has at this point... I honestly wish the Creditors will stop lending any more money till at least half of the debt is resolved!

Well, the average Nigerians (both those applauding these bastards in power and those wailing against them) will suffer the consequences of this financial recklessness!

Someone wants to continue from where buhari stopped

God1000:
This is Buhari's legacy, a president without Vision and foresight

Someone should please tell me what Buhari has done with all the money he borrowed since 2015

He did train from Nigeria to Niger Republic.

How na, not probable

Excuse here and there and blame game against Buhari, Labour Party and PDP by daft thîefnubu is in top gear as failure is imminent.🤣🤣🤣🤣

Buhari has killed and buried Nigeria finally.
With all due respect, Buhari is the Dullest, conservative, analogue, incorrigible, dogmatic and adamant president Nigeria has ever had.

It's a pity and a huge embarrassment and disgrace to call BuBu Nigeria's President. He lacks basic knowledge of the structure of the Nigerian Economy.

money that was borrowed and shared among and between lotters and criminal that called thier self politians

Holluwhakemmy:
What Buhari left behind. Tinubu will provide solutions

The Tinubu that brought Buhari and wants to put the Adamawa attempted Election rigger in charge of the Power Sector?

Dey play..

APC Buhari Tinubu came to steal, kill and destroy Nigeria.

This is only for debt servicing, not for repayment of debt.

The number of unserious citizens in this country is worrisome.

Nigeria's debt is the biggest challenge we have as a country. It will hamper further development because as things are, there will only be further borrowing to balance infrastructure and debt.

In this elections there were three top choices.

👉One is called 'Pan African' and is notable for privatising Nigerian assets, which isn't such a bad thing except there is a tinge of shadiness in all the transactions. Coupled with the fact that he's been on the corridors ever since but done nothing about his home zone's perpetual backwardness.

👉One is famous for installing stooges and dependents almost everywhere. That's if you choose to ignore that almost everything about him is shady from birth to ***** and a phantom story about how he managed to tame the ocean. Let's call him Poseidon.

👉One is known to have left his state in a better condition than he met it in terms of HDI; downsized the cost of governance immensely, modelled state projects after MDGs, and left his state books in thick green to give the next administration a perfect start.

All three were on the ballot; the choice was obvious; and then there were those unserious citizens in this country I spoke about earlier 🤦🏾‍♂️

That is the more reason why we need somebody like Asiwaju to govern Nigeria.

Waiting for asiwaju to show us his magic.

Hopefully God leads and give him wisdom to build make Nigeria work again.

happney65:


The Tinubu that brought Buhari and wants to put the Adamawa attempted Election rigger in charge of the Power Sector?

Dey play..

Sorry you will provide the solution.

KaptainAfrika:
This was Economic Jihad.

Is not was,

Didi2d:
Waiting for asiwaju to show us his magic.

Hopefully God leads and give him wisdom to build make Nigeria work again.

Please, leave God out of this...!

If you truly know God and His word, you will know He won't lower His own standards to do a damn thing for a nation as hypocritical, bigoted, and corrupt as this nation!

Well it Simple... Just Increase Revenue.