Nigeria’s public debt has reached a staggering N87.38tn, marking a significant increase of 75.29% or N37.53tn from the previous quarter’s N49.85tn.
This total debt includes N22.71tn in Ways and Means Advances from the Central Bank of Nigeria, which is utilized to address budget shortfalls.
The debt encompasses both domestic and external debts of the Federal government, 36 states, and the Federal Capital Territory. The Debt Management Office attributes this surge in debt to new borrowing.
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