Nigeria’s debt profile hit N25.7trn as at June 30 - DMO
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Nigeria’s debt profile hit N25.7trn as at June 30 - DMO

- The Debt Management Office (DMO) says as at June 30, Nigeria owes N25.7 trillion in debt both domestically and externally

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

- 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

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

The Debt Management Office (DMO) says as at June 30, Nigeria owes N25.7 trillion in debt both domestically and externally.

The DMO said this in its ‘Total Public Debt Portfolio’ obtained from its website on Wednesday, October 15 in Abuja.

The News Agency of Nigeria (NAN) reports that as at December 31, 2018, Nigeria’s total debt stock stood at N24.38 trillion.

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Legit.ng gathers that the present figure shows an increase in debt stock of N1.32 trillion.

The DMO said that the current total debt stock 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.

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

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Before this development, Legit.ng had reported that the accountant general of the federation, Alhaji Ahmed Idris, allayed fears, stating that servicing Nigeria’s debt at the rate of 70 percent of the total national income would not destabilise the economy.

Ahmed, who spoke when he paid a traditional homage to the Emir of Kano, Muhammadu Sanusi II, at his palace, insisted that the debt servicing will not cause the nation any problem since the federal government had initiated some strategies to cushion the effect of the debt profile.

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Source: Legit

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