There has been a significant increase in the amount of debt Nigeria is owing other Nations. Just a couple of months ago, Nigeria was known for its public debt amounting to about N28.63 trillion, now the current Nigerian debt is over N30 trillion.
The Debt Management Office of Nigeria released the total public debt of the whole nation on Wednesday.
The debt stock shows the debt of the Federal Government at large, the entire states of the Federation and the Federal Capital Territory.
It shows the increase of about N2.38trn in just three months as the country’s entire debt now amounts to N31trn.
I wonder what Nigeria is using money for asides fighting covid-19 because I don’t understand what the federal government has done in those three months that almost 3 trillion naira was spent.
What do you think the government used that staggering amount of money for that Nigeria has to be in so much debt?