{"id":41883,"date":"2022-04-13T12:58:51","date_gmt":"2022-04-13T12:58:51","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=41883"},"modified":"2022-04-13T12:59:18","modified_gmt":"2022-04-13T12:59:18","slug":"nigerias-debt-could-hit-n45-9trn","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/nigerias-debt-could-hit-n45-9trn\/","title":{"rendered":"Nigeria\u2019s debt could hit N45.9trn &nbsp;"},"content":{"rendered":"<p>The Lagos Chamber of Commerce and Industry (LCCI) has predicted that Nigeria\u2019s total debt stock was expected to hit N45.86 trillion by December 2022. &nbsp;<\/p>\n\n\n\n<p>According to the President, LCCI, Mr. Michael Olawale-Cole, who spoke at a press briefing on the state of the nation, the country\u2019s debt stock was expected to increase following the federal government\u2019s plan to borrow an additional N1.6 trillion, while the 2022 debt target for domestic borrowing was pegged at N2.57 trillion. &nbsp;<\/p>\n\n\n\n<p>He said: \u201cThere is also a plan to borrow N2.57 trillion from foreign creditors, while N1.16 trillion is expected from multilateral\/bilateral drawdowns. &nbsp;<\/p>\n\n\n\n<p>\u201cIn total, the federal government plans to add N6.3 trillion new debts to the current debt stock, which would push the country\u2019s total debt stock to N45.86 trillion by December 2022,\u201d he added. &nbsp;<\/p>\n\n\n\n<p>The LCCI boss noted that the 2022 federal government budget was now projected to have a deficit of N7.35 trillion from the approved N6.26trillion if the recent request for an additional deficit of N965.4 billion by the president presented to the National Assembly was granted, explaining that in total, adding that with the new debts, the country was likely to have a higher debt service-to-revenue ratio if revenue levels do not increase significantly. &nbsp;<\/p>\n\n\n\n<p>Furthermore, he predicted tougher times ahead for the manufacturing sector of the economy going into the second quarter of the year, predicting that manufacturing concerns would likely suffer due to poor public infrastructure, and port-related challenges as these may continue to present as headwinds to the sector\u2019s performance. &nbsp;<\/p>\n\n\n\n<p>\u201cAdditionally, with the war in Ukraine aggravating disruptions to supply chains of raw materials like wheat, barley, soybeans, sunflower, and corn, the rising cost of production may not abate soon,\u201d he added. &nbsp;<\/p>\n\n\n\n<p>On the power sector, he said it was becoming clearer that the national grid cannot supply sufficient power to meet the nation\u2019s electricity demand, lamenting that on the back of the epileptic power supply, businesses have had to deal with the rising cost of manufacturing, exorbitant logistics, and constrained production. &nbsp;<\/p>\n\n\n\n<p>He added that with the cost of diesel at record levels and persisting poor power supply, businesses had been running on unsustainable costs and producing at uncompetitive prices. &nbsp;<\/p>\n\n\n\n<p>He warned that the situation could lead to job losses as output is constrained due to the unbearable cost of production. &nbsp;<\/p>\n\n\n\n<p>\u201cIf not quickly tackled, these challenges will likely subdue the GDP growth potentials and projections for 2022,\u201d he warned. &nbsp;<\/p>\n\n\n\n<p>\u201cThe government should create funding for critical infrastructure and special purpose intervention in the power sector. The newly launched Infrastructure Corporation of Nigeria (Infracorp) has a mandate to focus on power, renewables, transport, and logistics. &nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.arise.tv\/lcci-predicts-nigerias-debts-may-hit-n45tn-in-q4-2022\/\">More=Arise= \u00a0<\/a><\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-41883\" data-postid=\"41883\" class=\"themify_builder_content themify_builder_content-41883 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>The Lagos Chamber of Commerce and Industry (LCCI) has predicted that Nigeria\u2019s total debt stock was expected to hit N45.86 trillion by December 2022. &nbsp; According to the President, LCCI, Mr. Michael Olawale-Cole, who spoke at a press briefing on the state of the nation, the country\u2019s debt stock was expected to increase following the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":25207,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[18],"class_list":["post-41883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-nigeria","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria\u2019s debt could hit N45.9trn &nbsp; 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