Nigeria's Total Debt Rises To 19.15 Trillion Naira - DMO
Nigeria is in debt, huge debt and we are waiting for the ailing president to return before signing the budget.
After it borrowed about $1 billion, 305 billion naira in March and $500 million, about 153 billion naira from Europe in March, the debt has only increased.
At the end of March, Nigeria’s total debt stood at 19.15 trillion naira rising from 17.36 trillion naira at the end of 2016.
Buhari’s government has been borrowing both from within and outside the country to help plug budget deficits and fund infrastructure.
It is not likely that the spate of borrowing will slow down as the 7.44 trillion naira 2017 budget which had been passed into law and awaiting presidential assent, also projects a deficit of 2.21 trillion naira.
The government must therefore keep borrowing to plug the deficit.
Of the 19.15 trillion debt, external borrowing stood at $13.80 billion at the end of March, against $11.40 billion at the end of December, the debt management office said on its website.
However, the ones borrowed within Nigeria fell to 11.97 trillion Naira, against 13.88 trillion Naira which was recorded last year.