The Federal Government’s debt has risen by $18.40 billion (N3 trillion) in the last four years, according to the analysis of a Debt Management Office document.
The government also spent about $21 billion to service both foreign and domestic debts from 2010 to 2014, the DMO data revealed.
The debts were incurred to pay salaries and meet overheads at a time the economy was not in a recession.
According to the document, domestic debt consumed larger part of the amount spent by the government to pay interest on securitized debts.
The domestic debt servicing accumulated to $20.9 billion (N3.26 trillion) while the external …Read More
Source:: New Mail
