The Federal Government under President Muhammadu Buhari and the 36 states of the federation as well as the Federal Capital Territory have borrowed N7.51tn in the last two years, statistics have revealed.
As of June 30, 2015, just a month after the present crop of leaders took over the leadership of the country, Nigeria’s total debt stood at N12.12tn.
However, as of June 2017, the nation’s total debt had climbed to N19.63tn, according to the latest debt statistics obtained from the Debt Management Office.
The debt stock data released by the DMO revealed that the total public debt stock (external and domestic debt stock of the Federal Government and sub-nationals) as of the end of June was N19.63tn (about $64.19bn at N305.9/$1), made up of external debt stock of N4.6tn (about $15.05bn) and domestic debt stock of N15.03tn (about $49.15bn).
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