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