Nigeria’s external debt rises to $6.67bn

Despite calls by economists for the country to reduce its external debt profile, figures from the Debt Management Office show that it rose by $143m in the first quarter of 2013 to $6.67bn from $6.527bn at the end of last year. It rose consistently throughout 2012. For instance, as of March 31, 2012, it stood at $5.91bn; by June 31, 2012, it rose to $6.03bn, edging higher to $6.3bn by September 31 before closing the year at $6.527bn. The development caused analysts, including the Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, to warn that it was not in the nation’s best interest.

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