The nation’s total public debt rose by N3.32trn in one year to N25.7trn as at the end of June 2019, the Debt Management Office said on Tuesday.

As at June 2018, the nation’s debt stood at N22.38trn.

According to the DMO, the Federal Government owed N20.42trn as of June 30, 2019, while the 36 states and the Federal Capital Territory owe a total of N5.28trn.

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The breakdown of the debt showed that external debt stood at N8.32trn ($27.16bn) while N17.38trn was domestically borrowed.

The DMO statistics further showed that nation’s public debt which stood at N22.38trn as of June 2018, rose to N24.39trn in December 2018 and N24.95trn in March 2019.

Recall that the Monetary Policy Committee of the Central Bank of Nigeria had said last month that the rising public debt was one of the factors standing against the nation’s growth prospects.


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