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Stakeholders at the African Conference on Debt and Development (AFCODD) have raised concerns about Nigeria’s rising debt profile as the country’s debt stock stood at $100billion as of March 2022.

A breakdown by the Debt Management Office (DMO) revealed that as at 31 March 2022, external debt stood at $39billion while domestic debts stood at $60billion.

They described it as unfortunate that since the enactment of the FRA in 2007, the consolidated debt limits of the federal, states and local governments have not been set by any President and this has worsened the debt management crisis.

Source: The Guardian