Nigeria’s debt rises to N26 trillion

Nigeria’s total public debt rose above N26.22 trillion as at September 2019, the Debt Management Office (DMO) announced on Friday.

The Director-General of the debt management agency, Patience Oniha, disclosed this in Abuja at a media briefing just as denied recent reports that the country’s total debt figure was more than N30 trillion.

He said the latest increase in the debt portfolio was a marginal increase by about 2 per cent from about N25.7 trillion recorded in the last quarter of last year between July and September.

Mrs Oniha said the debt stock, which comprised those of the Federal and 36 State Governments as well as the Federal Capital Territory, also includes promissory notes valued at about N821.7 billion.

The promissory notes were issued to settle the Federal Government’s arrears to petroleum products marketers and State Governments under the Promissory Notes Programme approved by the Executive Council of the Federation and the National Assembly.

– Premium Times