Nigeria’s Debt rises to ₦25.7 trillion

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The Debt Management Office (DMO) has come out to say that Nigeria was owing N25.7 trillion both domestically and externally as at June 30, 2019.

The DMO revealed this in its ‘Total Public Debt Portfolio’ obtained from its website on Wednesday in Abuja.

Nigeria’s total debt stock as at December 31, 2018 stood at N24.38 trillion. The present figure however shows that there is a debt stock increase of N1.32 trillion.

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The current total debt stock according to DMO comprised both the federal government debt, that of the 36 states and the Federal Capital Territory (FCT).

For the federal government, the DMO said it owed N20.42 trillion, while the states and FCT owed N5.27 trillion.

Of the federal government debt, N7.01 trillion was categorised as external debt, while N13.412 trillion was categorised as domestic debt.

For the states and the FCT, N1.309 trillion was owed externally, while N3.966 trillion was owed domestically, the DMO said.

Giving details of the federal government’s domestic debt stock by instrument, the DMO said Bonds accounted for N9.691 trillion and Treasury Bills N2.651 trillion.

Others are Treasury Bonds — N125.9 billion, Savings Bond — N10.431 billion, Sukuk — N200 billion, Green Bond — N25.69 billion and Promissory Notes — N707.7 billion.

Meanwhile, for debt service in the second quarter of 2019, the DMO said that the nation had spent N76.951 billion.

Juliet Ekwebelam

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