Poor countries’ debt payments have reached their highest level since 2001, having grown by 115 per cent in the past decade, a new analysis released at the weekend has shown.
A group, Jubilee Debt Campaign, which launched a portal collating debt data concerning 194 countries, said 52 countries are in debt crisis, from 31 in 2018, 27 in 2017, and 22 in 2015. This means debt payments are significantly undermining their governments’ abilities to protect the basic economic and social rights of their citizens.
Nigeria’s total public debt portfolio, all the states and the Federal Government inclusive, stood at N28.63 trillion as at March 31.
According to the Nigerian Domestic and Foreign Debt Q1 2020 report released mid- July by the National Bureau of Statistics (NBS), the total public debt rose by 4.48 percent compared to the N27.40 trillion recorded in Q4 of s2019.