President of the 9th Senate, Ahmed Lawan on Thursday underscored the urgent need for the federal government to improve on revenue generation in order to deal with the debt burden and improve the economy.
The Debt Management Office (DMO) in her latest release said the total public debt stock of Nigeria comprises domestic debt of N26.92 trillion and external debt of N17.5 trillion, totaling N44.6 trillion.
The World Bank, in its recent International Debt Report, IDR, also said Nigeria spent $9.6 billion to service foreign debts in 12 years, from 2010 to 2021, adding that the nation’s debt stock was not reflected in the economy.
