Budget deficits, low revenue responsible for rising debt – DMO

The Debt Management Office (DMO) says decades of operating budget deficits by successive governments are responsible for Nigeria’s high debt profile.

The Director-General of the DMO, Patience Oniha, said this to the News Agency of Nigeria (NAN) on Sunday in Abuja.

According to Ms Oniha, a review of Nigeria’s fiscal data shows that not only has the government operated budget deficits, which have been growing, most of the deficits have been funded through local and external borrowing.

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