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Nigeria’s Public Debt Profile Rises To N26Trillion

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Nigeria’s Public Debt Profile Rises To N26Trillion

nigeria debt profile 2020

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.”

3 Comments

3 Comments

  1. Kunle Odetola

    January 17, 2020 at 10:06 PM

    Too bad. My projection by 2030, it will be 40trillion

  2. Stanley Jones

    January 18, 2020 at 6:09 AM

    With these agbada wearing pot bellies dullards ruling this shithole country it’s a matter of time before the white claim it as theirs, no money no money but these so called thugs in offices keeps getting their allowances paid in full so who’s deceiving who?

  3. Metu Nyetu

    January 19, 2020 at 5:28 AM

    APC AND “LIE” MUHAMMAD, BE sure to blame this on PDP because they caused it. Don’t let any man hold you accountable to this because you all are political saints whereas PDP and GEJ are demons sucking the blood of Nigeria’s economy.

    Pigs might as well fly!!!

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