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Nigeria’s Debt Hits N36 Trillion 

Nigeria’s Debt Hits N36 Trillion

According to the Debt Management Office (DMO), Nigeria’s public debt which comprises of domestic and external obligations of the Federal Government and the 36 states in the country including the Federal Capital Territory (FCT) has increased to N35.465 as of June 30, 2021.

This information was disclosed in a public debt presentation yesterday by the Director-General of the Debt Management Office, Ms. Patience Oniha. Information Guide Nigeria

Ms. Patience Oniha disclosed that the debt rose from N33.107 trillion or $87.239 billion in March and rose to N35.465 trillion in June indicating a N2.358 trillion rise from the first quarter of the year to the end of the second quarter.

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As reported by The Sun, the Federal Government has accounted for N11. 828 trillion of the external debt and N17. 632 trillion of the domestic debt,  while States and FCT external debt stood at N1.883 trillion, with domestic debt stock at N4. 122 trillion. Jamb Results

The Sun also revealed that external debt showed Nigeria owes in bulk to multilateral including World Bank Group and the African Development Bank Group which accounted for 54.88 percent.

The DMO boss said that despite the depreciation in Naira, plans, and actions have been initiated towards managing that risk.

Check and Confirm: How much is Dollar to Naira Today

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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