BREAKING: Nigeria’s Debt Hits N25.7trn

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The Federal Government owed N20.42trn as of June 30, 2019, while the 36 states and the Federal Capital Territory had a total debt portfolio of N5.28trn.

The debt stock is made up of N8.32trn ($27.16bn) external debt and N17.38trn borrowed domestically, according to the DMO.

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.

The Monetary Policy Committee of the Central Bank of Nigeria noted last month that the rising public debt was one of the headwinds to the nation’s growth prospects.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said in August that the country did not have any debt challenge but a challenge with generating sufficient revenue.

“There is a lot of insensitivity around the level of our debt.

“I want to restate that our debt is not too high — what we have is a revenue problem.

“Our debt is still very much within a reasonable fiscal limit.

“In fact, among our comparative countries, we are the least in terms of borrowing,” she had said.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

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