During an interview on Channels Television’s programme, Sunrise Daily, Patience Oniha, Director-General of the Debt Management Office (DMO), said Nigeria’s growing public debt remains within acceptable limits. Oniha explained that the country's debt stock is increasing due to a combination of factors, including borrowings and the continued issuance of promissory notes by the federal government.

She noted that although borrowing is an accepted form of funding government activities, there should be revenues generated to support it. Oniha added that the N77 trillion debt projection likely to be inherited before the end of the current administration (on May 29, 2023) could be surmounted with incentives in place to ensure balanced expenditure and sustained revenue.

She further explained that Nigeria had contracted several loans in the past from multilateral and bilateral organizations, like the World Bank and the African Development Bank. Despite this, Oniha said Nigeria’s total debt ratio of 23 percent of gross domestic product (GDP) is the lowest in Africa. She emphasized the need to reduce the level of borrowings and improve revenue to address the challenge of debt service to revenue.