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Debt ceiling rises again in Nigeria

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By Kenny Adetunji

As the value of Naira lowers, the costs of borrowing increase substantially.

TVC News Nigeria gives us a report on current debt increases in Nigeria.

Nigeria’s debt is increasing at an alarming rate. The country owes around N39.5 trillion as of early 2022, and the amount continues to grow. This is a major problem for Nigeria, as it significantly limits the country’s ability to invest in important infrastructure, education, and health care projects. Additionally, the high levels of debt make it difficult for Nigeria to attract foreign investors, which is essential for economic growth. There are a few possible ways to address this issue. One option is for the Nigerian government to take steps to reduce the amount of debt. This could involve increasing revenue through tax reform or cutting spending in certain areas. Another option is to get more help from the international community. The government could work with organizations like the IMF to secure additional funding.

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