The nation’s publicdebt stood at N24.947 trillion ($81.274 billion) at the end of March, this year, according to data released by the Debt Management Office, DMO, yesterday. The debt stock is an indication of a marginal 2.3 per cent increase when compared to the public debt stock as at end December, 2018.
While Lagos Chamber of Commerce and Industry, LCCI, in a reaction, described the mounting public debt as worrisome, former Vice President and Presidential candidate of Peoples Democratic Party, PDP, in the 2019 election, Alhaji Atiku Abubakar, said it was capable of drowning the nation, if critical steps are not taken to stop further borrowing.
According to the DMO, the debt stock represented the total debts of the Federal Government, the 36 states of the federation and the Federal Capital Territory, FCT. It said while total external debt is N 7.860 trillion ($25. 609 billion); domestic debt stood at N17.086 trillion ($55. 664 billion). The DMO explained that the increase of N560.009 billion in the total public debt in Q1 2019, was accounted for largely by domestic debt which grew by N458.363 billion.