Buhari at UNGA

A new report from Nigeria’s  Debt Management Office on Tuesday announced that the country’s public debt now stands at N25.7trn.

Reports show that the public debt increased by N3.32trn in one year as at the end of June 2019.

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

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Nigeria, according to reports, as at June 30, 2019, owed N20.42trn while the 36 states and the Federal Capital Territory debt portfolio stood at N5.28trn.

The country’s debt stock is made up of external debt of N8.32trn ($27.16bn) and N17.38trn borrowed domestically.