The Debt Management Office, DMO says Nigeria’s sovereign debt stock now 38.005 trillion naira equivalent to 92.626 billion dollars as at September 30. It added that the debt comprises total external and domestic loans of the Federal Government, 36 states and the Federal Capital
Territory, FCT.
DMO explained that there is increase of 2.54 trillion naira when compared to the corresponding figure of 35.465 trillion naira at the end of second quarter 2021 was accounted for the 4 billion dollars Eurobonds issued by the government in September 2021.
Minister of Finance, Budget and National Planning Zainab Ahmed has however, maintained that Nigeria does not have a debt problem. According to her, what the government needed to do was to increase its revenue generating capacity in order to boost revenue to about 50 percent of Nigeria’s Gross Domestic Product, GDP.
A former Imo State Finance Commissioner Uche Uwaleke while commenting on Nigeria’s ballooning debt profile, explained that the crash in revenue generation always leads the Nigerian government to borrow.
