FG, States’ Public Debt Stock Hits N19.6 Trillion – DMO
Written by stylemonument on September 12, 2017
A document by the Debt Management Office (DMO) says Nigeria’s public debt stock for both the federal government and the states as at June 30 stood at N19.63 trillion,.
The document was obtained from the DMO website on Monday in Abuja.
Giving a breakdown of what each tier owed, it said the external debt stock of both tiers was N4.6 trillion while the domestic debt stock of the federal government was N12 trillion.
It said the domestic debt of states stood at N3 trillion.
It also said the federal government spent N253.3 billion on domestic debt servicing in the second quarter of 2017 (April to June).
Giving a breakdown of each month’s allocation, it said N87 billion was spent on debt servicing in April, N73 billion in May and N75.2 billion in June.
Domestic debt is the amount of money raised by any government denominated in local currency and from its own residents.