Nigeria’s debts have increased by almost N4 trillion over the last five months, to N45.25 trillion, a review of official records from the Debt Management Office (DMO) and Central Bank of Nigeria (CBN) has shown.
The CBN, in August, said Nigeria will not stop borrowing when it is necessary because it is a component of fiscal responsibility.
The paper states that the federal government held more than 88 percent of the total debt stock.
The data showed that between April and August, the federal government issued domestic debt instruments on a regular basis to raise roughly N3.34 trillion.
From N24.987 trillion in the first quarter to N28.322 trillion in August, the national debt increased.
The debt stock, which stood at N32.92 trillion by December 2020, rose to N39.556 trillion by December 2021 and N41.6 trillion by the end of the first quarter of 2022.
