Nigeria’s debt hits N25.7trn

0
46

Nigeria public debt has hit N25.7 trillion, up by N3.32 trillion in one year as at the end of June 2019, the Debt Management Office 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, Punch reports.

READ ALSO: Minimum wage: Sanwo-Olu promises to pay above N30,000

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

Also, 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.

READ ALSO: NAF wings first female fighter pilot in 55-year history

READ ALSO: Nigerians to pay N3,000 for National ID card renewal

In August, the Minister of Finance, Zainab Ahmed said that the country does not have debt problem, but revenue problem.

Madam Zainab who so lamented about the country’s debt situation said, “there is a lot of insensitivity around the level of our debt” while speaking at a meeting with management staff of the Ministry of Budget and National Planning.

“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, amongst our comparative countries, we are the least in terms of borrowing.”

She noted that the federal government hoped to raise its revenue performance from the 55 per cent that was attained in 2018 to 85 per cent in the next four years.

“If we don’t do that we will continue to suffer significantly in our capacity to service the national budget,” she warned.

LEAVE A REPLY

Please enter your comment!
Please enter your name here