The Debt Management Office (DMO) has disclosed that Nigeria’s debt profile increased by N560 billion within three months.
The period under review is between December 31, 2018 when the figure was N24.3 trillion, and March 31, 2019, at N24.9 trillion.
The breakdown showed that the total external debt stood at N7.8 trillion ($25.6 billion) while domestic debt was N17 trillion ($55.6 billion).
Foreign debt constituted 31.5% of the total debt stock while domestic debt constituted 68%.
According to the DMO, the increase in the debt stock was “was accounted for largely by Domestic Debt which grew by N458.363 Billion, and owed by both the FGN, states and the FCT”.
“The domestic debt stock for five states, (Anambra, Borno, Ebonyi, Ekiti and Lagos) were as at December 31, 2018, and the domestic debt stock figure for Rivers state was as at September 30, 2018,” the document read.
The DMO also notes that total debt to GDP ratio is 19.03% which is within the 25% debt limit imposed by the government.