2019: Nigeria Debt Management Office reveals new debt of N24.4trillion
Patience Oniha, Director-General, Debt Management Office (DMO), says Nigeria's debt profile is now N24.4trillion having added N2.96trillion to the old debt in the space of a year.
The DG made this known on Thursday in Abuja, where its statistics showed that the country’s debt profile which was at N21.725trillion in 2017, had increased by 8.74 per cent.
The DMO boss said the funds were borrowed to finance projects, fund budget deficit and meet maturing obligations, noting that 68.18 per cent of the debt are domestic.
Oniha said some foreign debts were borrowed so as to refinance treasury bills because of the short tenor of the bills.
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