Tag
DEBT SERVICING
Nigeria’s public debt stock rose to N25.7 trillion in June 2019 and the payment for servicing the debt continues to be a major source of concern.
The CBN disclosed that the Federal Government paid $1.09 billion to service its debts between January and September 2019.
Several bankers in the country have expressed worries over the huge amount of debt apportioned to debt servicing.
Nigeria’s public debt stock grew marginally by 2.30% to N24.95trn (US$81.27bn *exchange rate of N306.95/US$) as of the end of March 2019 from N24.39trn as of December 2018, data released by the Debt Management Office (DMO) revealed.
While Nigeria’s debt profile hits a new high of N24.9 trillion in March 2019, state governors have parted with the sum of N33.9 billion referred to as external debt deductions in just one year.
Earlier this week while delivering a speech during the 3rd National Treasury Workshop organised by the Office of the Accountant General of the Federation, former CBN Governor, Sanusi Lamido, declared that Nigeria is "bankrupt and the country is heading to bankruptcy".