Nigeria has entered the red zone, not by accident, but by design. The numbers now speak louder than the excuses.…
Browsing: debt
The Federal Government has admitted that several Nigerian diplomatic and consular missions abroad are grappling with financial and operational difficulties,…
Despite a slight national drop in subnational borrowing, Nigeria’s ten most indebted states have collectively increased their debt burden, recording…
The Debt Management Office (DMO) has clarified that President Bola Tinubu inherited a total of N87.38 trillion in public debt…
Nigeria’s public debt stock surged to N134.3 trillion ($91.3 billion) by the end of the second quarter of 2024. This was an increase of 10.35% from the N121.7 trillion ($91.5 billion) recorded in the first quarter and announced by the Debt Management Office (DMO).
While the increase in borrowing is notable, Nigeria’s debt servicing costs have also been significant, almost matching the amount borrowed.
As of December 2023, Nigeria’s total gross domestic product (GDP) was N229.9 trillion in nominal terms, though it grew by only 2.74% in real terms. This suggests that the country’s debt-to-GDP ratio is now above 50% for the first time.
Some financial experts have expressed optimism that there is no cause for alarm over the country’s current debt profile.
Katsina State Government said on Wednesday that it has not borrowed any loan since its inception on May 29.
Nigeria’s public debt stock as at Dec. 31, 2023, was N97. 341 trillion (108.229 billion dollars), according to data released…