Nigeria’s public debt is expected to increase to 77 trillion naira ($172 billion) in the current year, up from 44 trillion naira as of September, according to the Debt Management Office. The increase is due to a loan-to-bond swap and additional borrowing to fund the 2023 budget.
The Senate has postponed a decision on the government’s request to convert $53 billion in temporary loans from the central bank into 40-year bonds, with some lawmakers expressing concerns about the plan.
President Muhammadu Buhari signed the 2023 budget, worth 21.83 trillion naira, into law on Tuesday and warned that if the loan-to-bond swap request is not approved, the country will have to pay an additional 1.8 trillion naira ($4 billion) in interest this year.
