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Total Debt Of Nigeria Rise To N24.9Trn

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The total public debt of Nigeria as increased to N24.947 trillion as at March 31st from N24.387 trillion as at December 31st 2018.

According to the debt management office, the marginal increase was 2.30%.

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The statement from the management as at Wednesday in Abuja disclosed that the domestic and external debt of the Federal Government, the 36 States and federal Capital Territory makes up the debt stock.

The N560 billion debt increase was related to domestic Debts, which increased by N458.36 billion.

As at that period, N101.64 billion was the increment of the external debt.

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“In relation to the Debt Management Strategy, the ratio of domestic to external debt stood at 68.49 per cent to 31.51 per cent at the end of March.

“The total public debt to Gross Domestic Product ratio was 19.03 per cent, which is within the 25 per cent debt limit imposed by the government.”

From the DMO websites, Federal Government owes N13.1 trillion domestically while the state and the Federal Capital Territory debt is N3.97 trillion.

N7.8 trillion sums up the Federal Government, state and Federal Capital Territory external debt.

According to the states’ debt profile data released by DMO, Lagos recorded the highest domestic debt of N542.2 billion, followed by Rivers with N225.5 billion, Delta: N223.4 billion and Akwa Ibom with N199.7 billion.

On the lowest rung are Yobe with N26.9 billion, Anambra: N33.4 billion, Sokoto: N36.5 billion, Jigawa: N38.2 billion and Niger with N43.4 billion.

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