Since President Muhammadu Buhari was sworn in in 2015, the Federal Government, all 36 states and the Federal Capital Territory have borrowed N7.51 triliion.
This figure is according to the latest debt statistics published by the Debt Management Office on Tuesday, September 5, 2017, titled ‘Nigeria’s Public Debt as at June 30, 2017’.
The statistics revealed that Nigeria’s debt figures has risen from N12.12 trillion as of June, 2015, to N19.63 trillion as of June 2017.
According to the debt stock data, “The total public debt stock (external and domestic debt stock of the Federal Government and sub-nationals) as of the end of June was N19.63 trillion (about $64.19 billion at N305.9/$1), made up of external debt stock of N4.6 trillion (about $15.05 billion) and domestic debt stock of N15.03 trillion (about $49.15 billion).
“The domestic debt stock of the Federal Government and sub-nationals accounted for 76.56% of the total public debt stock, while their external debt stock accounted for 23.44%.
“Furthermore, the total public debt stock increased by 2.5 per cent from N19.16tn (about $62.54bn) to N19.64tn (about $64.19bn), during the period under review.
“The total external public debt stock of the Federal Government and sub-nationals increased by 8.98% from $13.81 billion in March 2017 to $15.05 billion in June 2017, while the domestic debt stock of the Federal Government and the sub-nationals increased by 0.67% from N14.93 trillion in March 2017 to N15.03 trillion in June 2017.”
The data shows that since President Buhari was sworn in, the nation’s debt has risen by 61.96% in only two years.