Nigeria’s total debt doubles in one year, hits N87trn

Nigeria’s total public debt doubled within a period of one year hitting N87.4 trillion in the second quarter of 2023. According to the latest data of the Debt Management Office (DMO), the country’s debt rose by 102 percent to N87.4 trillion, the highest in at least 11 years from N42.8 trillion in Q2 last year. The percent increase is higher than 20.6 percent increase for the previous year. It also increased on a quarter-on-quarter basis, by 75.3 percent to N49.9 trillion. “The major addition to the public debt stock was the inclusion of the N22.7 trillion securitised FGN’s Ways and Means Advances,” DMO said in a statement. To read further, click HERE.

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