Nigeria’s debt hits N24.39tn, rises by N2.66tn in one year

Nigeria’s total debt profile as of December 31, 2018, now stands at N24.387tn. The figure swelled by 12.25 per cent from N21.725tn in 2017 to N24.39tn in 2018.

The debt rose by N2.66tn from December 31, 2017, to December 31, 2018, the Debt Management Office said.

Statistics provided by DMO in Abuja on Thursday showed that the country’s public debt rose from N21.73tn in 2017 to N24.39tn within the one year period.

According to the DMO, the year-on-year growth of public debt show a 12.25 per cent within the one year period.

Speaking at a press briefing in Abuja on Thursday, Director General of DMO, Patience Oniha, said the funds were borrowed to fund projects, to finance budget deficit and to refinance maturing obligations.

– Punch