Nigeria’s rising debt profile has been described as alarming and unhealthy for the economy.
The Debt Management Office, in its official website published that the nation’s foreign and domestic debt stock as of September 30 2018, stood at N22.428trn.
The proposed budget of N8.83trn which was presented by President Muhammadu Buhari on December 19, 2018, is based on oil price benchmark of $60 and production estimate of 2.3 million barrels per day.
Most of the senators described the projections as unrealistic, considering the volatility of the international oil market and uncertainties in daily production outputs.
