The Debt Management Office (DMO) has fixed the maximum borrowing limit for the 2017 fiscal year at $22.08bn. This will cover the federal government’s domestic and external borrowing for the year.

This is part of policy recommendations of the Debt Management Office contained in its 2016 report of the annual national debt sustainability analysis.

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DMO 2016 Reports

According to the office, new domestic borrowing has been pegged at $5.52bn. New external borrowing is also put at $16.56bn.

Furthermore, the present value of ‘total public debt to GDP’ ratio for 2016 is projected at 13.5% with an available borrowing space of 5.89% of the estimated GDP of $374.95bn for 2017.

Also, the management office recommends that government should explore other alternative and viable sources. This is to help finance the country’s huge infrastructural requirements.