Nigeria’s debt stands at N22.38trillion- Says DMO …Debt profile increases by 3.01%

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Nigeria’s debt stands at N22.38trillion- Says DMO

.Debt profile increases by 3.01%

By Joel ThankGod & Udeme Clement

The Debt Management Office, DMO, in the country has revealed that Nigeria’s debt profile currently stands at N22.38trillion.

DMO made this disclosure showing the statistics of the country’s total debt profile.

DMO explained further that Nigeria’s debt profile increased by 3.01 per cent in the last six months, adding that the increase was due to $2.5bn Eurobond issued by government in February.

According to DMO, “The country’s total public debt  encompassing domestic/external debt stock of the Federal Government, 36 sub-national governments as well as the Federal Capital Territory stood at N22.38 trillion ( $73.21 billion), as at June 30, 2018 fiscal year”.

It added, “This figure reflects a marginal increase of 3.01 per cent over the public debt stock for December 2017 economic year. Therefore, the increase in public debt stock in the last six months was largely due to the $2.5bn Eurobond issued in February this year.”

Showing comparative analysis of the debt stock, MDO stated, “When compared to the debt data of March 2018, the public debt stock decreased by 1.44 per cent from N22.71trillion in March 2018, to N22.38trillion in June 2018 fiscal year.

“The decrease was due to 3.38 per cent decline in government domestic debt stock between March and June 2018. There were marginal increases of 0.07 per cent in external debt stock and 2.75 per cent in domestic debt of the sub-national governments.”

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