Nigeria’s Debt Borrowings Exceed $48.8 Billion: Expert Urges Government Action

• Adetilewa Adebajo, an international financial markets expert, has suggested that the Nigerian Debt Management Office (DMO) contravened the law when its borrowings exceeded the set limit of $2.2 billion.
• Adebajo also suggested that the Central Bank of Nigeria governor Godwin Emefiele should be probed for his role in allowing the DMO’s borrowings to balloon to more than $48.8 billion.
• Concerning the Nigerian government’s plan to securitize its debt for 40 years, Adebajo said the plan is “not a good idea” and would not help the country in the long run.

An international financial markets expert, Adetilewa Adebajo, has suggested that the Nigerian Debt Management Office (DMO) contravened the law when its borrowings exceeded the set limit of $2.2 billion. The DMO is mandated to borrow domestically without a mandate from the country’s National Assembly, however, its current borrowings now exceed $48.8 billion which means it has violated the law.

Adebajo also suggested that the Central Bank of Nigeria governor Godwin Emefiele should be probed for his role in allowing the DMO to exceed its borrowing limits. He urged the government to look into the matter and take necessary actions or else the country would be in serious trouble in the near future.

Concerning the Nigerian government’s plan to securitize its debt for 40 years, Adebajo said the plan is “not a good idea” and would not help the country in the long run. He argued that such a plan would only lead to more debts in the future and would not help in solving the current economic crisis.

Adebajo further noted that the country needs to find other ways to address its current financial crisis. He suggested that the government should look into ways to reduce spending and improve tax collection. He also urged the government to create job opportunities for its citizens, which would help reduce the burden of debt and create more economic stability.

In conclusion, Adebajo suggested that the DMO should adhere to the set limit of borrowing and that the government should investigate the matter further. He also suggested that the government should look into other methods to address the current economic crisis. He urged the government to reduce spending, improve tax collection and create job opportunities for its citizens.