Lai Mohammed says Nigeria's debt stock is $83bn

Lai Mohammed says Nigeria's debt stock is $83bn

- The FG says Nigeria is not in trouble as a result of its debt

- According to the FG, the country is only owing $83 billion

- Going further, the government noted that the debt was an accumulation of successive government activities

The Nigerian government has declared that the country’s debt stock was being misrepresented by those he described as scaremongers.

According to the FG, the total public debt stock of the nation is $83 billion.

This was disclosed by the minister of information and culture, Lai Mohammed, while addressing a press conference on Monday, December 30, in Ikeja, Lagos state.

Channels TV reports that Mohammed said Nigeria is not in debt trouble as being circulated, as the nation is within a reasonable debt to its Gross Domestic Product (GDP) ratio.

Going further, the minister also explained that the debt was an accumulation of successive government activities. He added that the economic state of the country was good.

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Recall that Legit.ng had reported that former president, Olusegun Obasanjo, on Friday, December 27, said between 2015 and March 2019, Nigeria’s external debt profile suddenly grew from $10.32 billion to N24.947 trillion or $81.274 billion.

Obasanjo also warned that the country was currently sinking under this external debt adding that something urgent needed to be done to save future generations from bearing the brunt. This is aside the $29.6 billion loan the federal government seeks to secure, he said.

Obasanjo issued the warning concerning the effect of such massive borrowing when he spoke at an event, the ‘why I am alive campaign’ organised by Nigerian pastor, Itua Ighodalo, in Lagos on Friday, December 27.

The former president, who governed the country between 1999 and 2007, shared his experience with borrowing as an individual and on behalf of the country. In the speech, he painted a gloomy future for Nigeria should its leaders not take a fresh look at their steps in relation to loans.

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