The Federal Government has clarified what it calls the true situation on Nigeria’s rising debt profile and dismissed concerns over the country’s public debt status.
The Minister of Information and Culture, Lai Mohammed, while speaking to journalists in Lagos on Monday said as, at June 2019, Nigeria’s total debt stock was $83.883 billion, made up of $27.163 billion external debt and $56.720 billion domestic debt.
Also Read: Nigeria Not in a Debt Crisis – Finance Minister
The Minister said there’s no cause for alarm as being expressed in certain quarters, saying no responsible government will sit by and do nothing in the face of infrastructure decay as being experienced in Nigeria.
Former President, Olusegun Obasanjo, on Friday, expressed concern over Nigeria’s growing debt saying the situation where about half of the country’s total earnings is being spent to service its debt is an impending bankruptcy.
