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October 15, 20191min1160

Again with no visible capital project to point to, Nigeria has been accused of borrowing a whopping N3.3 trillion in  12 months to eat.

This was revealed by the Debt Management Office, which on Tuesday said that Nigeria’s total public debt rose by N3.32 trillion in 12 months to N25.7 trillion as at the end of June 2019.

According to the agency, the Nigerian Government owed N20.42 trillion as of June 30, 2019 while the 36 states and the Federal Capital Territory had a total debt profile of N5.28 trillion.

It said the debt stock is made up of N8.32 trillion ($27.16bn) external debt and N17.38trn borrowed domestically.

The nation’s public debt, which stood at N22.38 trillion as of June 2018, increased to N24.39 trillion in December 2018 and N24.95 trillion in March 2019, the DMO added.

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