Nigeria’s Public Debt Profile Rises To N26 Trillion
The total debt stock of Nigeria which comprises of FGN Debts, 36 States and the FCT as at September 2019 is now at N26.215 trillion
DMO DG, Ms Patience Oniha revealed this at the presentation of Public Debt Data in Abuja on Friday.
According to her:
“The comparative figures for September 2018 was N25.701 Trillion which implies that in the 12 months period to September 2019 the Total Public Debt grew by 16.88%.”
The DMO boss also stated that the Total Public Debt as at September 2019 includes Promissory Notes in the amount of N812.650 billion which had been issued to settle the FGN’s arrears to Oil Marketing Companies and State Governments under the Promissory Programme approved by the Federal Executive Council and the National Assembly.
On how borrowings has helped Nigeria, Oniha said:
“Borrowing came in to fund the budget which included capital projects so when you finance capital projects, you create an entire economy around that in terms of employment, in terms of materials that you buy, in terms of what happens in the environment so there are vendors selling all sort of things so that is the description. We are talking about the multiplier effect of borrowing to finance capital infrastructure and what we generate.”