Nigeria heading towards a fiscal 'cliff,' CISLAC warns

• Published date: 02 February 2023
• Publication title: Nigeria - The Nation

The Civil Society Legislative Advocacy Centre (CISLAC) has warned that the country was heading towards a fiscal 'cliff' as a result of its rising debt profile.

According to the Debt Management Office (DMO), Nigeria's total public debt stock as of June 30, 2022 was N42.84trillion.

CISLAC said Nigeria's national debt was growing and increasingly putting the country in a precarious situation, adding that this was with limited access to further financing on concessional terms.

Executive Director, CISLAC, Auwal Rafsanjani at a briefing in Abuja in collaboration with Christian Aid Nigeria on the Increasing Role of Private Creditors in Nigeria's Debt Crisis and its Human Costs, said: 'It is instructive to recall that Nigeria's debt service cost presently outweighs its revenue with clear signs of economic dangers ahead.

'We call on all state and non-state actors to mobilise collective actions to nip this issue in the bud as...