FG puts debt stock at $83bn, says Nigeria not in trouble

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The Nigerian Government has put the total public debt stock of the nation at $83 billion. The Minister of Information and Culture, Mr Lai Mohammed, disclosed this while addressing a press conference on Monday in Ikeja, Lagos State. He decried that the country’s debt stock was being misrepresented by those he described as scaremongers.

According to Mohammed, Nigeria is not in debt trouble as being circulated as the nation is within a reasonable debt to its Gross Domestic Product (GDP) ratio. He explained that the debt was an accumulation of successive government activities, adding that the economic state of the country was good.

The minister noted that the economy has grown in the year 2019 under review, adding that the oil and non-oil sectors performed better than they did in 2018. He also highlighted some of the feats recorded by the government in the areas of anti-corruption war and security.

Mohammed said the corruption fight was largely successful and while security, especially the insurgency in the North East has been tackled properly.

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