NIGERIA’S DEBT STOCK HITS N2O.37TN
Written by Kaka Saratu Poga on November 14, 2017
The Debt Management Office has said Nigeria’s total debt stock has hit N20.37tn,.
In a statement made available to journalists in Abuja on Tuesday, the DMO said the total public debt stock comprising the Federal Government, the 36 states and the Federal Capital Territory, stood at N20.37tn as of September 30.
This shows a marginal increase of 3.6 per cent from the N19.64tn as of June 30.
A breakdown of the debt stock shows that domestic debt accounted for 76.96 per cent, while external debt accounted for 23.04 per cent.
Specifically, domestic debt stock stood at N15.68tn, which is an increase of 4.1 per cent compared to N15.03tn as of June 30. On the other hand, external debt stock stood at N4.69tn, a marginal rise of 1.9 per cent above the N4.6tn as of June 30.
According to DMO, the debt data lend credence to government’s claims that the public debt stock was tilted in favour of domestic debt which is partly responsible for the high debt service figures.