SAN FRANCISCO, July 10, (THEWILL) – Nigeria’s total debt has increased by 2.3% to N24.947 Trillion (US$ 81.274 Billion) as of March 31, 2019.
The Debt Management Office (DMO) released the figure on Wednesday morning noting “the Total Public Debt grew marginally by 2.30% when compared to the figure of N24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.”
The debt stock represented the total debts of the federal government, the 36 states and the Federal Capital Territory (FCT).
The increase of N560.009 Billion in the Total Public Debt in Q1 2019, the DMO said: “was accounted for largely by Domestic Debt which grew by N458.363 Billion.”
External Debt also increased by N101.646 Billion during the same period.
The nation’s debt manager also stated that “in relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49% to 31.51% at the end of March 2019.”
The DMO assured that the Total Public Debt to GDP Ratio stood at 19.03% is within the 25% Debt Limit imposed by the Government.