Nigeria's debt pile reaches 46.25 trillion, says Nigeria's Debt Management Office (DMO)
Nigeria's debt pile reaches 46.25 trillion, says Nigeria's Debt Management Office (DMO)
The Debt Management Office in Nigeria has stated that the country's debt has risen to N46.25trn by the month of Dismanban 2022.
In a statement issued by the Office on Thursday, he said that seven trillion were added to the debts owed to the country.
The DMO said that the reason for the increased debt is because of the borrowing of new loans by the federal and state governments to carry out major projects and fill the budget gap.
The office said that the government's efforts to increase revenues from the oil and non-oil sectors will help to carry out projects without incurring debt.
The people of Nigeria continue to show concern over the debt burden of the country.
In 2005, the country reached a debt relief agreement with the Paris Club, which allowed the country to be forgiven 18 billion dollars of its debt.