Recession: Nigeria’s debt rises by N7.1tn in two years

TVC N. The nation’s total indebtedness to foreign and local creditors now stands at N19.16tn, the Debt Management Office         has said. This is N1.8tn increase from the N17.36tn recorded at the end of December 2016. As of March 31, 2015, the country’s total debt stood at N12.06tn. This means the debt level increased by N7.1tn in two years. Segmenting the national debt, the DMO put the Federal Government’s domestic debt at N11.97tn. Two years ago, as of March 31, 2015, this component of the debt burden stood at N8.51tn. This means that within a period of two years, the Federal Government has borrowed a total of N3.46tn from domestic creditors. This shows that the domestic debt of the Federal Government has increased by 40.71 per cent. In the same period, the country’s external debt (for the federal and state governments) rose from $9.46bn to $13.81bn. This means that within the two-year period, the country’s...