Economy

You won’t believe how much Nigeria has borrowed under Buhari (see current debt profile)

Published

7 months ago

December 31, 2020

Nigeria’s public debt hit a total of N32.2tn at the end of September, the Debt Management Office announced on Thursday..

The figure implies that the nation’s debt profile rose by N1.19tn between the second and third quarter of 2020.

According to a breakdown provided by the DMO on its website, the Federal Government’s total debt stood at N28tn as of September 2020 while the debt of the states and the Federal Capital Territory stood at N4.19tn.

Further disaggregation of Nigeria’s public debt showed that the domestic debt is 20tn or 62.18 per cent of the total debt while foreign debt is 37.82 per cent.

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In dollar terms, Nigeria’s total debt is $84.57bn.