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Nigeria Owing N25.7trn Debt, Increased By N3.3trn In 12 Months | RDNews

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A currency dealer counts bundles of naira banknotes for exchange on the ‘black market’ in Lagos, Nigeria

According to the Debt Management Office, report gathered revealed says the federal Republic of Nigeria under the administration of President Muhammad Buhari total public debt has increased by N3.32trn within 12 months to N25.7trn as at the end of June 2019.

The Nigerian Government is said to be owing N20.42trn as of June 30, 2019.

 Meanwhile, the 36 states, as well as the Federal Capital Territory total debt profile, sum up to N5.28trn.

According to the report, the debt stock comprises of N8.32trn ($27.16bn) external debt and N17.38trn borrowed domestically.

However, the Debt Management Office added that the public debt of the country as at June 2018 was N22.38trn, but increased to N24.39trn as at December 2018 and N24.95trn as at March 2019.

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