Who decides what is the best for the people? The people themselves or the government?

While many Nigerians argue that the nation's debt profile is becoming unsustainable, the government believes it has capacity to borrow more.

On Wednesday, the DG of Debt Management Office, Patience Oniha, told journalists that Nigeria’s total national debt grew to 21.7 trillion naira at the end of December 2017.

It was 17.36 trillion naira at the end of 2016.

The national debt mix is about 30% foreign and 70% borrowed in Nigeria; but Oniha says this was after the $2.5 billion Eurobond sale in February.

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Earlier this month, Nigeria paid off about 130-billion-naira worth of treasury bills maturing this week instead of rolling over the debt as it has done in the past.

This was done as the government tries to increase its ratio of foreign, dollar-serviced debt to local debt, in a bid to lower costs.

The government is also hoping to save 81.66 billion naira after it refinanced $3 billion of treasury bills, Oniha said.

Last week, the CBN said foreign reserves rose to $46 billion at the close of business on March 9.

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