Nigeria's debt profile hits N19.16 trillion - DMO

Nigeria's debt profile hits N19.16 trillion - DMO

- The report by the Debt Management Office (DMO) said that in the last two years, Nigeria had incurred N7.1 trillion in debt

- The DMO further explained that the domestic debt stood at N11.97 trillion as against N8.51 trillion recorded in 2015

Nigeria’s total debt profile has hit N19.16 trillion after the country incurred a N7.1 trillion in the last two years, according to the country’s Debt Management Office (DMO).

The total debt profile, according to the DMO, was incurred both internally and externally.

The DMO, as reported by Premium Times, explained that the nation’s indebtedness to both local and foreign creditors rose from the N17.36 trillion recorded at the end of December 2016.

This represents an increase of N1.8 trillion, according to the report.

The report said that at the end of March 2015, the country’s total debt stood at N12.06 trillion and this represents an increase of N7.1 trillion in two years.

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The domestic debt stood at N11.97 trillion as against N8.51 trillion recorded in 2015, the report by the DMO revealed adding that this represents a domestic borrowing record of N3.46 trillion, further standing at 40.71 percent.

Concerning the external debt for the federal and state governments, the DMO said this rose from $9.46 billion to $13.81 billion in two years, representing an increase of $4.35 billion at 45.98 percent.

The DMO, according to the report, said the official exchange rate of N306.35 to $1 was deployed in calculating the external debt for March 31, 2017. learnt the DMO also used the official rate of N197 to $ 1 in determining the foreign debt for March 31, 2015.

For the states, their domestic debt profile stood at N 2.96 trillion as at March 31, 2017. This rose from N1.69 trillion at the same time in 2015, representing an increase of N1.27 trillion.

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The report said Nigeria has not been having it good with its revenue and as such, has resorted to borrowing to finance its projects.

The International Monetary Fund (IMF) had earlier projected that the nation’s indebtedness would hit 24.1 percent of the Gross Domestic Product, GDP, by 2018, adding that by 2017, the nation’s debt profile would have reached 23 .3 per cent of the GDP.

Though Professor Yemi Osinbajo has reportedly led the country effectively since Muhammadu Buhari left for London on medical vacation, it is learnt that he is facing a cabal threatening to weaken his authority.

Watch this video as Nigerians speak on Buhari's achievements in two years:


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