Abuja - Investigation has shown that the debt owed by both the Federal Government and the 36 states of the federation as well as the Federal Capital Territory has risen to N12.06tn, Punch reports.
Statistics obtained from the Debt Management Office showed that the country’s public debt rose from N10.16tn as of March 31, 2014 to N12.06tn as of March 31, 2015.
This shows that the country’s indebtedness rose by N1.9tn within a 12-month period, with the public debt rising by 18.7 per cent.
Also read: Fuel imports threatened as subsidy debt hits N300bn
In dollar terms, the country’s public debt actually reduced by $65.25bn to $63.51bn in the one year period.
The exchange rate of the naira to the dollar was N155.74 on March 31, 2014, while by March 31, 2015, it had fallen to N197.
Read more at Punch
- News 24