Nigeria's debt is close to 50 trillion naira-DMO According to the Nigerian Debt Management Office (DMO), as of last March, the country...

 

Nigeria's debt is close to 50 trillion naira-DMO

According to the Nigerian Debt Management Office (DMO), as of last March, the country owes a total of 49 trillion 95 million naira, or 108 billion 300 million USD.

Remember that, as of December 21 of last year, the nation's debt did not surpass 46 trillion naira, or $250 million. However, the publication of this new data reveals that there has been an increase of roughly 3 trillion naira during this time.

The entire debt, according to a statement posted on the office's website, includes money owed both inside and outside of Nigeria as well as to the 36 states and Abuja.

According to the News Agency of Nigeria NAN, the federal government is due 22.719 trillion naira in debt.

According to Patience Oniha, the head of Nigeria's debt management agency, the report demonstrates the necessity for the nation to increase tax collection efforts in order to stop the debt from growing.