Nigeria Owes A Total of 7.4 Trillion Naira
The amount of money the Nigerian government is owing has risen to 17.36 trillion naira.
This figure represent a 38% rise from 12.60 trillion Naira recorded in 2015.
The debt management office says money borrowed from outside the country stood at $11.40 billion (5 trillion Naira) at the end of December, which is almost equal to about 20% of total debt at the end of 2015.
However, the money borrowed here in Nigeria rose sharply to 13.88 trillion Naira last year, up from 8.83 trillion Naira in 2015 and is set to rise higher.
The government has said it will raise 130 billion Naira as it plans to borrow more money this year, starting from March 15.
It also plans to sell 1.13 trillion Naira worth of treasury bills by the second quarter.
The plan to borrow money from ordinary Nigerians is also in the works. A new savings bond was launched this month targeted at retail investors to broaden the economic funding base.
You would think that's enough but the government is not done.
It borrowed $1 billion from Europe last month and wants to borrow another $500 million later this month. It is also planning to borrow $300 million from Nigerians living outside the country.
The government seems determined to borrow from anywhere possible to fund the 2017 budget but how will it pay back this money?
If you ask me ...(In Waje's voice).