The nation’s total public debt
rose by N3.32trn in one year to N25.7trn as at the end of June 2019, the Debt
Management Office has revealed..
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 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.
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