The Debt Management Office, DMO, says Nigeria's total debts stands at over 12 Trillion Naira as at the end of March this year.
Nigeria is Africa’s top economy and largest oil producer and has been hammered by the 50 percent fall in global oil prices as crude sales account for more than 70 percent of government revenue..
The Naira, has also come under intense pressure, losing substantial ground to the dollar on both the official and black market.
Unfortunately, Nigeria’s debts have been rising in recent years despite the country having received 18 Billion Naira in relief from the Paris Club of creditors in 2005.
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