Nigeria’s total public debt (federal and state governments) rose to N35.46 trillion as at June this year, according to the Debt Management Office (DMO).
Director-general of the Debt Management Office (DMO), Ms Patience Oniha, made the disclosure during a presentation of the nation’s debt profile in Abuja on Wednesday.
DMO Debunks Report On Nigeria As High-debt Risk Nation
Loan from China is 27% of the total external debt, with bilateral and multilateral segment of the external debt accounting for the higher percentage of the foreign debt stock.
On the issue of the rising public debt, Oniha said government borrowings are project-tied. “We have build up Nigeria reserves with the issuance of our Eurobonds,” she stated.