Nigeria’s total public debt now stands at N24.95tn, the Debt Management Office has said.
Statistics obtained from the DMO on Wednesday showed that the country’s total debt stood at N24.95tn as of March 31, rising from N19.16tn as of March 31, 2017.
This means that within a period of two years, the country’s total debt rose by N5.79tn. It also means that within a period of two years, the country’s debt profile rose by 30.22 per cent.
Out of the total debt profile, external debt accounted for N7.81tn ($25.61bn). In percentage terms, external debt accounted for 31.51 per cent of the country’s total debt portfolio.
On the other hand, total domestic debt amounted to N17.07tn. This means that the domestic debt accounted for 68.41 per cent of the total debt portfolio.
The Federal Government’s component of the domestic debt accounted for N13.11tn while the subnational governments accounted for N3.97tn.
Thus, the Federal Government accounted for 76.8 per cent of the nation’s domestic debt profile while the 36 states and the Federal Capital Territory accounted for 23.2 per cent of the domestic debt portfolio.
Two years ago, the country’s external debt portfolio stood at $13.81bn, growing to $25.61bn as of March 31.
This means that within a period of two years, the country’s external debt portfolio had grown by $11.8bn. Thus, the nation grew its external loan commitment by 85.45 per cent.