Nigeria's Debt Soars To N22.38tn – DMO

Nigeria’s debt profile has gone up to N22.38tn after rising by 3.01 per cent in the last six months, according to the Debt Management Office (DMO).

The Debt Management Office revealed this on Tuesday in Abuja at a press briefing where it said the rise was due to increase in the $2.5bn Eurobond issued by the Federal Government in February.

“The Total Public Debt which encompasses the Domestic and External Debt Stock of the Federal and 36 State Governments and the Federal Capital Territory stood at N22.38 Trillion or USD73.21 billion as at June 30, 2018,” the DMO said.

“This figure was a marginal increase of 3.01 per cent over the Public Debt Stock for December 2017.

“The increase in the Public Debt Stock over the six months period was due largely to the $2.5bn Eurobond issued in February 2018.”

In addition, the DMO noted that “When compared to the Debt Data for March 2018, the Public Debt Stock actually decreased by 1.44 per cent from N22.71tn in March 2018 to N22.38tn in June 2018.

“The decrease was due to a 3.38 per cent decline in the FGN’s domestic debt stock between March and June 2018.

“There were however marginal increases of 0.07 per cent in the external debt stock and 2.75 per cent in the domestic debt of states.”

Furthermore, the body stressed that a major highlight in the public debt data was the constant decrease in the FGN’s Domestic Debt which fell from N12.59tn in December 2017 to N12.58tn in March 2017 and N12.15tn in June 2018.





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