Nigeria’s debt stock hits N39.556trn

Nigeria’s total debt stock rose to N39.556 trillion as of December 2021 and would continue to grow as the country borrows more from both domestic and foreign sources.

This was disclosed by the Director-General of the Debt Management Office (DMO), Ms Patience Oniha during an interactive session with newsmen in Abuja on Thursday.

She said the country’s borrowing is utilised in financing the budget deficits, and other specific projects like infrastructures, stressing that borrowing is not bad as it is a developmental tool.

The DMO’s Director-General stressed that Nigeria has a revenue challenge as the debt is within the sustainable threshold, pointing out that when the country has either a balanced budget or a surplus budget, then borrowing would be reduced.

Details later …