Under Buhari's Watch, Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans | CABLE REPORTERS

The total debt stock for Nigeria could rise from N33 trillion to N34tr soon as the National Assembly approves another N1.1tr external loan request for the federal government.

The House of Representatives yesterday approved the external loan of $1.5 billion (about N571.5bn) and €995 million (about N528.4bn) for the federal government while the Senate had approved the request last week.

The Debt Management Office (DMO) had in March 2021 placed Nigeria’s Public debt at N32.915tr as of December 31, 2020. This included the debt stock of the federal and state governments as well as the Federal Capital Territory (FCT).

“Total Public Debt to Gross Domestic Product as at December 31, 2020 was 21.61 percent, which is within Nigeria’s new limit of 40 percent.”

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