Nigeria’s Debt Management Office on Tuesday October 15, announced that the country’s public debt now stands at a whooping N25.7trn.
It was further discovered that the public debt increased by N3.32trn in one year as at the end of June 2019. The nation’s public debt which stood at N22.38trn as of June 2018, increased to N24.39trn in December 2018 and N24.95trn in March 2019.
As at June 30, 2019, the Federal Government owed N20.42trn while the 36 states and the Federal Capital Territory debt portfolio stood at N5.28trn.
The debt stock is made up of N8.32trn ($27.16bn) external debt and N17.38trn borrowed domestically.