Nigeria’s total debt has increased by 2.3% to N24.947 Trillion (US$ 81.274 Billion) as of March 31, 2019, according to a release on Wednesday by the Debt Management Office, DMO.
The DMO noted that “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 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.”
It stated, “The Debt Management Office in its practice of publishing the Public Debt Data comprising the Domestic and External Debts of the Federal Government of Nigeria (FGN), the 36 States of the Federation and the Federal Capital Territory (FCT), has released the Total Public Debt Data as at March 31, 2019.
“At ₦24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30% when compared to the figure of ₦24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.
“The increase of ₦560.009 Billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by₦458.363 Billion.
“Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by₦101.646 Billion during the same period.
“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 Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government.”