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Nigeria’s Debt Skyrockets; Hits 25.7 Trillion Naira

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On Tuesday, October 15, Nigeria’s Debt Management Office announced that the country’s public debt now stands at N25.7trillion.

It was further gathered that the public debt increased by N3.32trillion in one year.

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The nation’s public debt which previously stood at N22.38 trillion as of June 2018, increased to N24.39 trillion in December 2018 and N24.95 trillion in March 2019.

President Muhammadu Buhari
President Muhammadu

As of June 30, 2019, the Federal Government owed N20.42 trillion while the 36 states and the Federal Capital Territory debt portfolio stood at N5.28 trillion. The debt stock is made up of N8.32trillion external debt and N17.38 trillion borrowed domestically.

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