Nigeria’s public debt defies gravity as it rises to an all-time high of N42.3 Trillion

The Debt Management Office said Nigeria’s total public debt stock, which was N41.60 trillion ($100.07 billion) in March, rose to N42.84 trillion ($103.31 billion) by June

According to a statement obtained from DMO’s website on Tuesday, the total debt represents the domestic and external debt stocks of the Federal Government of Nigeria the 36 State Governments & the Federal Capital Territory. It said that while the foreign component of the debt remained at the same level of N16.61 trillion (39.96 billion dollars),the local component increased to N26.23 trillion (63.24 billion dollars)

The News Agency of Nigeria reports that the local component of the country’s borrowings was N24.98 trillion (60.1 billion dollars) as at March 30. The DMO said that a larger percentage of the external debts were concessional & semi-concessional loans. “Over 58 per cent of the external debt stock are concessional & semi-concessional loans

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