Nigeria’s public debt now N24.9trn

The nation’s public debt stood at N24.947 trillion ($81.274 billion) at the end of March, this year, according to data released by the Debt Management Office, DMO, yesterday. The debt stock is an indication of a marginal 2.3 per cent increase when compared to the public debt stock as at end December, 2018.

While Lagos Chamber of Commerce and Industry, LCCI, in a reaction, described the mounting public debt as worrisome, former Vice President and Presidential candidate of Peoples Democratic Party, PDP, in the 2019 election, Alhaji Atiku Abubakar, said it was capable of drowning the nation, if critical steps are not taken to stop further borrowing.

– Vanguard