Rising debt: DMO blames COVID-19, experts say borrowing from CBN dangerous

Rising debt: DMO blames COVID-19, experts say borrowing from CBN dangerous – The introduction of the Monthly Insurance Scheme of Nigeria looks at the financial crisis and the crisis following the coronavirus and economic crisis, the Office of Debt Management said.

Kaosinadi, some of the experts who listened to the accident and continued to borrow money from the Central Bank of Nigeria through excellent advertising.

The DMO members are members of the best-selling group of people who are constantly spreading rumors about us Edo State Governor, Godwin Obaseki said in the city that the N60bn hurricane or storm surge is in addition to the .

In a reply to an enquiry from one of our correspondents, the Director-General of DMO, Patience Oniha, blamed crashed revenue and COVID-19 for increased borrowing.

She said the rate of borrowing had started to come down until COVID-19 forced Nigeria, like many other nations, to increase its borrowing in order to buoy the economy.

Oniha said, “The higher level of borrowing from 2015 due to the revenue crash occasioned by crude oil started trending downwards thereafter.

“Unfortunately, COVID reversed that trend. That became necessary and many countries including the UK and USA also embarked on new borrowing.”

She added, “It is not correct to say that the economic team is not concerned about how the debt will be repaid. You know that a Debt Sustainability Analysis and Medium Term Debt Strategy are done.”

The DMO boss noted that apart from the Federal Government, the states are also borrowing increasingly too.

She added, “I am unable to comment on the ‘top-up’ at Federal Accounts Allocation Committee as the DMO is not involved in the determination of how much is shared at FAAC.

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