Nigeria’s Debts Hit N25.7trn, Says DMO

Posted by African Examiner Business News, Featured, Latest Headlines Wednesday, October 16th, 2019

(AFRICAN EXAMINER) – 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 in Abuja.

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.

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