NIGERIA DEBT RISES TO N26.2 TRILLION

, Magazine

The Debt Management Office disclosed recently of the increase in the country’s debt stock by a 2.0 percent margin.

The Director-General of DMO, Ms. Pateince Oniha said the figure stands at N26.215 trillion, rising from N25.701 trillion recorded at the end of 2019.

Oniha also reveal the Federal Government’s plan to borrow N850 billion and N744 billion from the domestic market and external sources respectively.

She however noted that public borrowing is a collective effort. She said: “Public Borrowing is not done by one. It is not approved by one man. It is a collective decision. So, when we take on this administration as having borrowed, let us bear in mind that borrowing is cumulative and there are rules and regulations about borrowing. There are laws and procedures that must be complied with”.

According to her, the DMO team increased external borrowings to help boost foreign reserves as there is a deficit of N2.18 trillion in the 2020 budget the government hopes to address.