The amount that the government of Nigeria owes is climbing higher.

As at the end of June 2017, both the federal and state governments owed a total of 19.63 trillion Naira.

According a report by the Debt Management Office, DMO, these debts consists of 4.6 trillion Naira borrowed from outside Nigeria and 12 trillion Naira borrowed at home.

Meanwhile, the DMO put the total amount of money borrowed by state from Nigeria at 3 trillion Naira.

As it stands both the state and federal government have been making efforts at servicing these debts.

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The Federal Government, according to DMO, has spent 253.3 billion Naira on servicing some of the debt incurred at home here in Nigeria in the second quarter of 2017, that is, from April to June.

Giving a breakdown, the DMO report said, 87 billion Naira was also spent on debt servicing in April; 73 billion Naira in May while 75.2 billion Naira was spent in June.

These monies were the ones borrowed at home through government debt instruments such as Nigerian Treasury Bills, Nigerian Treasury Certificates, Federal Government Development Stocks, Treasury Bonds, Ways and Means Advances.

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