FRI, 02 SEPT, 2022-theGBJournal| Nigeria’s total debt profile as at March, 2022 stood at N41.60 trillion, propelled by shortfall in revenues and the deficit in the annual budget as approved by the National Assembly.
The figure was revealed Thursday by the Director-General of the Debt Management Office (DMO), Mrs. Patience Oniha, who appeared at the ongoing engagement on the 2023 – 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper held by the House of Representatives Committee on Finance.
Oniha revealed that, as at December 2020, the debt stock of Nigeria including that of the federal, state governments and the Federal Capital Territory was N32.92 trillion. It grew to N39.556 trillion by December 2021, and by March of this year, it rose to N41.6 trillion.
On the average, the federal government is owing about 85 percent of the total debt.
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