Home / Headlines / Nigeria’s Debt Hits #24.39tn, Rises By #2.66tn In One Year

Nigeria’s Debt Hits #24.39tn, Rises By #2.66tn In One Year

Statistics provided by the debt management office in Abuja has revealed that the country’s public debt rose from #21.73tn in 2017 to #24.39tn within the one year period.

According to the Dmo, Nigeria’s total debt profile as of December last year, now stands at n24.387 trillion Naiara as the figure swelled by Twelve per cent from 2017 to 2018.

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

She said, some foreign debt was used to refinance treasury bills because of the short tenor of the bills, adding that borrowing from abroad had also helped to stabilise the local currency in the last two years.

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According to her, some targets that had been set in the country’s debt management strategy had been achieved or nearly achieved.

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