The mounting indebtedness of African’s most populous country has hit N50 trillion.
Maritime Bits checks at the weekend shows that Nigeria’s total public debt portfolio now stands at about N48.93 trillion, with the government borrowing about N3.73 trillion over the past five months.
According to data obtained by our reporter, the government raised about N1.599 trillion in the fourth quarter of 2022,
In the same vein, Nigeria’s domestic debts have risen to about N30.643 trillion. This is not unconnected to new borrowings of about N1.599 trillion in the fourth quarter of 2022 and N2.129 trillion between January and February 2023.
Nigeria’s external debt increased to N18.282 trillion as a result of the depreciation of the naira against the United States of America (USA) dollar.