Nigeria said it owes 20 trillion naira ($47 billion) to its central bank and the obligations are yet to be added to the African nation’s outstanding public debt, according to a report by the budget office. The debt figure is as of March 31, the budget office said in a document giving details of the country’s expenditure plans from 2023-2025 and posted on its website Friday. The outstanding public debt is at 41.6 trillion naira. Even with the additional obligations, the country remains “within Nigeria’s self-imposed” limit of 40% debt to gross domestic product, according to the report. The government plans to securitize its Ways and Means Advances from the central bank and revamp “it into a longer tenor amortizing facility with a lower interest rate,” according to the budget office. Africa’s largest crude producer barely earned enough revenues to cover debt service payments in […]