Nigeria's total debt increases to N26.2tr, says DMO

Nigeria’s total debt stock comprising the debts of the Federal Government, 36 states and the Federal Capital Territory as at September 2019 now stands at N26.215 trillion

According to Oniha, “the comparative figure for September 2018 was N25.701 trillion which implies that in the 12 months period to September 2019 the Total Public Debt grew by 16.88%.” Speaking specifically about the borrowing and how it helped bring Nigeria out of recession, Patience Oniha noted that “borrowing came in to fund the budget which included capital projects so when you finance capital projects, you create an entire economy around that in terms of employment, in terms of materials that you buy, in terms of what happens in the environment so there are vendors selling all sort of things so that is the description.

She reiterated that “the increase in the new borrowings in the Appropriations Acts between 2015 and 2017 was due to the need to stimulate growth and create jobs in the economy as contained in the Economic Recovery Growth Plan .”

LocusBendi

With this we still want to go for more, ok

Not even much yet..... Thought it's already 99.9tr

Just imagine this.. And am very sure another gov will inherit this debt too.. The situation with our debt it's very complicated cause i don't even know what our gov are borrowing funds for

🙆

God oooo, come and help Nigeria from this drowning debt

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