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TINUBU TO END NIGERIA’S EXCESSIVE BORROWINGS
President Bola Tinubu on Tuesday committed to stopping Nigeria’s excessive reliance on borrowing to fund government spending.
He pledged at the presidential committee on fiscal policy and tax reforms’ inaugural meeting.
From N12.06 trillion in March 2015 to N72.55 trillion in March 2023, Nigeria’s total public debt surged dramatically by 501 percent. This change was the result of increased borrowing, which was exacerbated by the worldwide pandemic and the economic recessions in 2016 and 2022.
