NESG worried over rising debt, poverty amidst N18.23trn FAAC allocation in 1yr

Oct. 15, 2024 - Daily Trust

The Nigerian Economic Summit Group (NESG) have raised concerns over Nigeria’s rising debt despite N18.23 trillion FAAC disbursements in one year.

Government revenues surged, with FAAC allocations reaching N18.23 trillion, an increase of 82 percent over the previous year.

Public debt reached N121.67 trillion by the first quarter of 2024, pushing our debt-to-GDP ratio to 52.

9 percent. They made the submission yesterday in Abuja during a panel session at the ongoing Nigeria Economic Summit #NES30 tagged ‘Power Sector Dynamics, Building a state-level energy system’.

Therefore, in the real sense it shows that the real problem in the power sector is actually in the evacuation and not generation,” he stated...